ISLAMABAD, Feb 17: The $2.6 billion privatization deal for 26 per cent shares of Pakistan Telecommunication Company Limited (PTCL) with Etisalat of the UAE is almost final and its management control would be transferred in “one or two weeks”.

Privatization Minister Dr Abdul Hafeez Sheikh announced this at a joint press conference with visiting UAE Energy Minister Muhammad Bin Dha’er Al-Hamili here on Friday.

The UAE minister said the delay in PTCL takeover by Etisalat would not affect UAE’s investment flow to Pakistan. “We will invest in various sectors of Pakistan, including oil and gas, power, industry, etc,” he said.

The UAE minister, who had meetings with President Pervez Musharraf, Prime Minister Shaukat Aziz and many other ministers, also said that a broad understanding on the PTCL deal had been reached.

Dr Hafeez said PTCL’s transfer to Etisalat would take one or two weeks because it was a big deal and such deals took time.

He said the UAE would participate in the privatization process of various other public entities and the two sides have held fruitful discussion on the issue.

Mr Al-Hamili said the UAE would enhance it economic cooperation with Pakistan. “We want to strengthen business relations. The UAE will ensure follow-up meetings on the broad-based understanding reached during the talks,” he said.

Responding to a question, he said that it was premature at the moment to say exactly how much amount would be invested in Pakistan by public and private sectors of the UAE.

He said: “Our delegation is impressed with improved economic situation in Pakistan that offers large scope for investment. The UAE will gather some more information from Pakistan and then take decisions on undertaking investment plans.” He termed his visit very successful.

In reply to a question, Dr Hafeez said the UAE had shown interest in various sectors and it would be a continuous process.