Pakistan has reached a significant milestone with the completion of the privatisation process for Pakistan International Airlines (PIA). The government and the Arif Habib Consortium officially signed the transaction agreement in Islamabad, marking a new chapter for the national airline.
Signing Ceremony Highlights
The agreement signing event was held in Islamabad and attended by Prime Minister Shehbaz Sharif alongside Chief of Army Staff and Chief of Defence Forces, Field Marshal Syed Asim Munir. The ceremony involved the formal exchange of documents that finalized the transfer of PIA’s ownership to the consortium.
Statements from Leadership
Prime Minister Shehbaz Sharif congratulated the nation on this achievement, emphasizing the successful conclusion of the privatisation process. He expressed confidence in the Arif Habib Consortium, describing them as leading business ambassadors of Pakistan on the global stage. The Prime Minister reiterated that the airline’s main focus will continue to be passenger comfort, dignity, and safety.
Recalling PIA’s golden era, particularly during the 1960s, he voiced optimism that the consortium would restore the airline to its historic standing.
Privatisation Adviser’s Remarks
At the ceremony’s outset, Muhammad Ali, the Prime Minister’s Privatisation Adviser, acknowledged the guidance and cooperation provided by the Prime Minister and Field Marshal Asim Munir. He noted that the milestone could not have been reached without their support.
Muhammad Ali highlighted that the privatisation was conducted transparently and effectively, aligning with the government’s broader reform agenda.
Details of the Investment
The agreement stipulates a total investment of PKR 180 billion (approximately $650 million) by the Arif Habib Consortium. This includes PKR 125 billion ($450 million) allocated directly to PIA for fleet expansion, service enhancement, and implementation of private-sector management practices. Additionally, PKR 55 billion ($200 million) will be paid to the government.
The infusion of growth capital is intended to revive PIA’s operations and elevate it back to its former prestige.
Looking Ahead
Prime Minister Shehbaz Sharif reaffirmed the transparent nature of the privatisation process and highlighted PIA’s past reputation as “Great People to Fly With”. He expressed confidence that the Arif Habib Consortium and their team will successfully restore the airline’s global standing.
