Prime Minister Shehbaz Sharif on Friday said the privatisation of First Women Bank Limited (FWBL) under the government-to-government (G2G) framework marks the beginning of a new chapter in Pakistan-UAE economic cooperation.

Addressing the signing ceremony in Islamabad, the prime minister said the agreement between Pakistan and the UAE’s International Holding Company (IHC) represents the “first drop of rain” — a promising start to a broader journey of partnership and investment.

He said the transaction reflects both nations’ commitment to strengthening economic and commercial ties through joint ventures that serve mutual interests.

PM Shehbaz noted that several other projects are in the pipeline under the G2G framework, adding that the government aims to privatise and revitalise state-owned entities that are not performing efficiently.

The ceremony was attended by Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, Field Marshal Syed Asim Munir, Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, federal ministers, members of parliament, senior government officials, and members of the visiting UAE delegation.