ISLAMABAD – Pakistan finally sold its national flag carrier Pakistan International Airlines Corp to Arif Habib led consortium in what is said to be a major development for loss making enterprise.
Arif Habib Consortium emerged victorious in the privatization of Pakistan International Airlines (PIA), promising a dramatic transformation for the national carrier. Arif Habib, a renowned investor and economist, unveiled ambitious plans to revive PIA’s glory days.
The consortium, after securing highest bid of Rs135 billion, will increase number of operational aircraft from current 18 planes to 38 in the first phase, and eventually to 65 planes, effectively doubling the airline’s flying capacity.
Speaking to media in Islamabad after the auction, Arif Habib said, “Today is Pakistan’s victory. The government has conducted the privatization in a completely transparent manner. Foreign investors will now flock to Pakistan, and the economy will benefit tremendously.”
This historic privatization marks first time a non-government administrator has taken charge of national air carrier. Reflecting on airline’s “golden era,” Arif Habib vowed to bring back the glory days, strengthen staff confidence, and create more employment opportunities across the country.
Read more: PIA Privatisation Bidding Advances with Strong Investor Interest
The next step involves formal approval from the Privatization Commission and the federal cabinet’s privatization committee, before the matter is finally cleared by the federal cabinet, granting the consortium operational control of PIA.
Privatization Advisor Muhammad Ali assured the public that in case the consortium fails to meet the agreed benchmarks, a backup bidder is ready to step in.
With bold plans to expand PIA’s fleet, restore operational efficiency, and attract foreign investment, Arif Habib’s takeover promises to be the most dramatic chapter in PIA’s history, signaling a new era for Pakistan’s national airline.
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