Pakistan Civil Aviation Authority (PCAA) Director General Nadir Shafi Dar on Tuesday said the successful privatization of Pakistan International Airlines (PIA) was a clear testimony of the government’s determination to transform the country’s aviation sector.
In a statement, Dar thanked Defense Minister Khawaja Asif and Defense Secretary Lt. Gen. Muhammad Ali for providing critical support that enabled the PCAA to carry out key reforms, leading to the removal of air restrictions imposed by the European Commission and the United Kingdom.
He said the lifting of these restrictions played a pivotal role in the success of the privatization process, significantly boosting investor confidence and increasing the value of PIA’s offering from 10 billion rupees in 2024 to 135 billion rupees in the last auction.
DG CAA noted that the success of PIA’s tender would help boost the growth of Pakistani airlines and pave the way for opening new global destinations with direct connectivity from Pakistan.
He further said that the International Civil Aviation Organization (ICAO) has expressed full confidence in the supervisory and regulatory capabilities of the Civil Aviation Authority of Pakistan, terming them as a key support to the reforms undertaken in recent years.
The Arif Habib Corporation Limited-led consortium has acquired a majority stake in PIA with the highest bid of Rs 135 billion in an auction held as part of the national airline’s privatization process.
During the open auction round, Arif Habib increased his bid from Rs115 billion to Rs135 billion after the consortium led by Lucky Cement Limited increased its previous bid from Rs101.5 billion to Rs134 billion in the second round of the open bidding.
Arif Habib Group leader Arif Habib called the development “a triumph of Pakistan”.
He said privatization of PIA would help boost investments in the country, adding that it would also attract foreign investments to Pakistan.
The businessman commended the government for successfully conducting the tender process, saying the Privatization Commission carried out the entire process in a transparent manner. “We will work hard to make this airline great again,” he added.
