PIA and the Arif Habib consortium have signed a privatization agreement.

In a ceremony conducted in Islamabad, the government and the Arif Habib Consortium signed a transaction agreement, marking a significant milestone in Pakistan’s privatization of Pakistan International Airlines (PIA).

The occasion was attended by Prime Minister Shehbaz Sharif and Chief of Army Staff and Chief of Defence Forces, Field Marshal Syed Asim Munir. The formal exchange of documents pertaining to the purchase of the national carrier took place during the ceremony.

The country was congratulated by Prime Minister Sharif on the successful completion of the privatization process. He said, “I personally know Arif Habib and his team; they are among Pakistan’s best business ambassadors on the global stage.”

He stated that the major goal of PIA would be the comfort, dignity, and safety of passengers. He expressed optimism that the consortium will bring PIA back to its former grandeur, recalling the airline’s heyday, particularly in the 1960s.

Muhammad Ali, the prime minister’s privatization adviser, thanked Field Marshal Asim Munir and the prime minister at the beginning of the ceremony for their support and guidance, saying that this milestone would not have been possible without them.

Muhammad Ali underlined that today’s ceremony represents a great achievement for the current government, with the privatisation carried out in an effective and open manner as part of its broader reform plan.

The consortium will invest a total of PKR 180 billion, or roughly $650 million, in accordance with the deal. Of this, PKR 55 billion ($200 million) will be given to the government, while PKR 125 billion ($450 million) would be spent directly in PIA.

The growth funds poured into PIA will be utilized to increase the fleet, boost services, integrate private-sector management methods, and restore the national carrier to its historic stature.

PM Shehbaz emphasized that the privatisation had been completed transparently and underscored the airline’s former global status. “During its heyday, not only across Pakistan but worldwide, PIA was celebrated as ‘Great People to Fly With’. I am convinced that Arif Habib and his entire team will restore PIA back to this position,” he said.