Dar meets top UAE execs in bid to secure financial aid

Finance Minister Ishaq Dar is in Abu Dhabi to seek financial support, including through selling minority shares of state-owned companies listed on the stock market at negotiated prices. On the first day of his visit, Mr Dar met with the top management of multibillion-dollar public sector entities — like Abu Dhabi’s state holding company ADQ, the International Holding Company (IHC) and Etisalat — to discuss investment opportunities in Pakistan. Mr Dar’s visit, expected to last until Sunday, is followed by Prime Minister Shehbaz Sharif’s visit to the United Arab Emirates soon after he came to power in April and requested the Emirati leadership for $2-3bn fresh loans. The premier was assured that UAE’s leading state-owned firms and sovereign wealth funds could pick 10-15pc shareholding of publicly listed companies with a buyback option to the government of Pakistan and have their nominees on their board of directors as part of a professional business relationship instead of straight loans.