Pakistan Civil Aviation Authority (PCAA) Director General Nadir Shafi Dar said on Tuesday that the successful privatization of Pakistan International Airlines (PIA) was a clear testimony of the government’s resolve to transform the country’s aviation sector.
In a statement, Dar credited Defense Minister Khawaja Asif and Defense Minister Lt. Gen. Muhammad Ali for extending critical support that enabled the PCAA to implement key reforms that led to the removal of aviation restrictions imposed by the European Commission and the United Kingdom.
He said the lifting of these restrictions played a crucial role in the success of the privatization process, which significantly improved investor confidence and pushed PIA’s bid value from Rs10 billion in 2024 to Rs135 billion in the latest auction.
DG CAA noted that PIA’s successful bid would help spur 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 oversight and regulatory capacity of the Civil Aviation Authority of Pakistan, terming it as an important endorsement of the reforms implemented in recent years.
The Arif Habib Corporation Limited-led consortium acquired a majority stake in PIA with the highest bid of Rs135 billion in an auction held for the privatization process of the national flag carrier.
During the open auction round, Arif Habib raised his bid from Rs115 billion to Rs135 billion after the Lucky Cement Limited-led consortium increased its earlier bid of Rs101.5 billion to Rs134 billion in the second round of open bidding.
Arif Habib, the head of Arif Habib Group, described the development as “Pakistan’s triumph”.
He maintained that the PIA privatization would help increase investment in the country, adding that it would also attract foreign investment in Pakistan.
The businessman commended the government for conducting the tender process and said the Privatization Commission completed the entire process in a transparent manner. “We will work hard to make this airline great again,” he added.
