UAE to Acquire Stake in Fauji Foundation Group: Ishaq Dar

Lahore: Deputy Prime Minister and Foreign Minister Ishaq Dar has announced that the United Arab Emirates (UAE) will acquire a stake in the Fauji Foundation Group, a move expected to ease Pakistan’s financial liabilities.

Addressing a press conference in Islamabad, Ishaq Dar said that the UAE had previously provided Pakistan with $3 billion, while another $1 billion was due for rollover a few weeks ago. He stated that Pakistan engaged with the UAE, resulting in an agreement under which the UAE will take shares in the Fauji Foundation Group.

He explained that through this arrangement, Pakistan’s $1 billion liability will be eliminated. Several meetings have already taken place regarding the transfer of shares, and it is hoped that the transaction will be completed by March 31.

Ishaq Dar further revealed that discussions were also held regarding the rollover of $2 billion due in January. He expressed optimism that the UAE would invest this amount directly in Pakistan, further strengthening economic cooperation between the two countries.