Pakistan is selling the First Women Bank to the UAE government

On Wednesday, the Pakistani government unveiled its proposal to transfer the majority of shares in the First Women Bank Limited to the government of the United Arab Emirates (UAE). This would result in 82 percent of the bank’s ownership transitioning directly from one government to another, contingent upon approval from the UAE.

Following the sale, the State Bank of Pakistan will issue a new license to the First Women Bank. Oversight of the pricing and finalization of the transaction will be managed by an eight-member cabinet committee appointed by the government.

Despite the sale, the primary objective of the bank remains unchanged: to provide financial support to women. It is noteworthy that the privatization process for the First Women Bank commenced in 2015.

Additionally, last year, Pakistan divested a historic building it owned in Washington, D.C. This building, formerly the embassy’s chancery, had been vacant since 2003. Changes in its classification by local authorities resulted in increased taxes. The building was auctioned late last year, fetching the highest bid of $6.8 million.

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