Pakistan’s Foreign Office said Deputy Prime Minister and Foreign Minister Ishaq Dar met Etisalat chairman Jassem Mohammed Bu Ataba Al Zaabi in Dubai on January 24, 2026, to discuss the company’s investment in Pakistan and outstanding matters related to Pakistan Telecommunication Company Limited (PTCL). The sides agreed to pursue joint efforts toward a resolution; the statement did not announce a settlement or payment.
What happened at the Dubai meeting?
The Foreign Office described the January 24, 2026, meeting as part of broader Pakistan-UAE economic cooperation. Its agenda included Etisalat’s investment in Pakistan, its PTCL stake, and outstanding matters connected with PTCL’s operations and future growth. The ministry said:
“Both sides agreed to pursue joint efforts to expeditiously resolve outstanding matters and to actively promote initiatives that expand economic and trade cooperation, fully aligned with the guidance of their respective leaderships.”
That wording signals an agreement to continue working toward a resolution. It does not say the parties signed a settlement, transferred property, or made a payment. The official release identifies the meeting and its participants; it does not specify an arrival time for Dar or give a dollar amount for the outstanding matters. Pakistan Foreign Office statement, January 24, 2026.
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Where did the $799 million figure come from?
The dispute traces to the sale of a 26% stake in PTCL to Etisalat International Pakistan LLC under a sale agreement dated March 12, 2006. Pakistan’s Privatisation Commission identified the stake as 1,326 million B-class shares and listed total consideration of US$2,598.96 million.
In its 2008 annual report, the commission recorded US$799.307 million as receivable in six semi-annual installments through September 2010. It said the March 2008 installment was overdue while title transfers for PTCL properties recorded in the names of provincial and local governments were in process. This is a historical account of the receivable and the status reported at that time, not proof of the amount unpaid today. Pakistan Privatisation Commission, Annual Report 2008.
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How the share sale and property issue fit together
The share sale and the property-title issue are related, but they are not the same event. Etisalat acquired the agreed PTCL shareholding under the 2006 transaction. The commission’s 2008 report separately linked an overdue installment to the ongoing process of transferring titles for PTCL properties.
Business Recorder’s report on the Dubai meeting described the approximately US$799 million as withheld amid disagreement over PTCL properties due to be transferred under the privatization deal. That is contemporaneous reporting about the dispute; it does not replace the full sale agreement or establish the parties’ complete legal positions or the status of each property. Business Recorder, January 25, 2026.
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What is known about the amount still outstanding?
The published accounts use figures from different dates and for different purposes:
| Figure | Source and date | What it establishes |
|---|---|---|
| US$2,598.96 million | Privatisation Commission annual report, 2008 | Total consideration stated for the 26% share sale under the 2006 agreement. |
| US$799.307 million | Privatisation Commission annual report, 2008 | Amount recorded as receivable in six semi-annual installments through September 2010; the report said the March 2008 installment was overdue during the property-title transfer process. |
| Approximately US$800 million | Senate committee discussion, 2026 | An amount described as reportedly owed in connection with PTCL privatization; this is not a definitive statement of the current balance. |
The Senate committee account also said an NDA restricted the ministry secretary from disclosing certain details. The committee asked the ministry to find a way to provide information while protecting confidentiality. Senate of Pakistan committee account, 2026.
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The Foreign Office’s meeting statement does not quantify the disputed amount. The public accounts cited here do not confirm the present balance, a final settlement, a payment, or completion of the property transfers.
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