Abu Dhabi groups does not plan to wind up business in Pakistan: PEW

The Pakistan Economy Watch (PEW) on Monday said UAE based Abu Dhabi Group is experiencing some financial trouble but the group has no plans to wind up any of the businesses in Pakistan.

This group, one of largest foreign investors in Pakistan, is providing banking, telecom, insurance, internet, and realty services in dozens of countries, says a press release.

Rumours about closure of operations of Abu Dhabi Group in Pakistan are baseless that started circulating following publication of a public notice, said Dr Murtaza Mughal, President, PEW.

He said that a telecom solutions provider had an outstanding financial issue with Warid worth few hundred million dollars since two years. It somehow got the impression that Warid is planning to leave without paying for the equipment provided for network expansion.

The legal department of that company acted incautiously and issued a public notice that resulted in panic in the concerned circles and among the public, said Dr Murtaza Mughal.

Both companies should resolve the issue outside the court and local authorities must interfere and resolve matter amicably.

The company responsible for the situation must act immediately to control damage otherwise it may hurt its interests in many countries, said Dr Mughal