Deputy Prime Minister and Foreign Minister Ishaq Dar has arrived in Dubai to hold talks with UAE telecom giant Etisalat in an effort to resolve a long-running dispute over nearly $799 million linked to the stalled privatisation of Pakistan Telecommunication Company Limited (PTCL).
The visit, confirmed by Pakistan’s Foreign Office, is aimed at breaking a deadlock that has remained unresolved for more than 16 years, after Etisalat withheld a significant portion of payments under the PTCL privatisation deal.
According to the Foreign Office, Ishaq Dar arrived in Dubai from Davos, Switzerland, and is scheduled to hold official meetings during the visit, including discussions with Etisalat’s senior management. No details were shared about any meetings with UAE ministers or senior government officials.
The dispute dates back to 2006, when Pakistan sold a 26 percent stake along with management control of PTCL to Etisalat International Pakistan for $2.6 billion. While the deal was initially viewed as a major reform step, Etisalat withheld around $800 million, citing Pakistan’s failure to transfer all properties included in the agreement.
Under the original privatisation terms, 3,384 PTCL properties were to be handed over to Etisalat. Officials later acknowledged that only 3,248 properties existed on the ground, while 38 properties could not be transferred, creating a gap that has remained unresolved to this day.
Despite multiple rounds of negotiations over the years, the issue has persisted. Reports in 2025 pointed to fresh in-camera talks aimed at resolving the matter without escalating it to international litigation.
Officials say Pakistan has so far chosen not to pursue legal action, preferring a negotiated settlement to finally close the chapter on the 16-year-old dispute.
Dar’s visit is also being viewed in a broader regional context. Analysts note that the trip comes at a sensitive time in the Middle East, with Pakistan, the UAE, and several other countries joining Gaza’s Board of Peace at the invitation of US President Donald Trump, alongside reports of emerging strains between Saudi Arabia and the UAE.
According to officials, the engagement with Etisalat is part of a wider push to strengthen economic ties with the UAE and unlock stalled foreign investment by resolving legacy disputes that continue to affect investor confidence.