ISLAMABAD – The UAE-based telecom and digital services group e& (Etisalat) is reportedly reviewing its investment exposure in Pakistan’s telecom sector, including its stake in the Pakistan Telecommunication Company Limited (PTCL), as part of a broader global portfolio evaluation.
Sources in diplomatic and financial circles said the process is still at an early and exploratory stage, and no decision has been taken regarding a potential divestment or restructuring of its holdings.
According to officials familiar with the development, the review is part of a wider strategy by Gulf-based sovereign-linked investors to reassess international assets amid global economic uncertainty, shifting geopolitical conditions, and evolving capital allocation priorities.
They clarified that the exercise is not specific to Pakistan and should not be interpreted as an immediate exit from the market.
No official statement has been issued by the Government of Pakistan or UAE stakeholders so far. PTCL management, meanwhile, stated that it is not aware of any proposed changes by shareholders and confirmed that its long-term business plan has recently been approved by its board.
PTCL remains a key telecom operator in Pakistan, with the government holding a majority stake. Around 26 percent of shares and management control are with e&, while the remaining shares are publicly traded on the Pakistan Stock Exchange.
The company has faced financial pressure in recent years but recently returned to profitability following its acquisition of Telenor Pakistan, one of the country’s major telecom operators.
In parallel, Pakistan has recently repaid around $3.5 billion in deposits to the United Arab Emirates, while Saudi Arabia has expanded its financial support by increasing its deposits to $8 billion to help meet external financing requirements under IMF-linked arrangements.
The officials in the Finance Division said Pakistan continues to benefit from diversified Gulf investment support, including from Saudi Arabia and Qatar, which helps maintain external financial stability.
The analysts say the UAE’s global investment reassessment reflects a broader shift toward liquidity management, risk balancing, and portfolio optimisation rather than any country-specific concerns.
The diplomatic sources also emphasised that Pakistan and the UAE continue to enjoy strong economic relations, and any internal review by investors is part of routine global asset management practices.
