Gulf giants express interest in acquiring PIA

WEB DESK: In a significant development, the United Arab Emirates, Saudi Arabia, and Qatar have emerged as potential buyers for Pakistan International Airlines (PIA) as the government accelerates its privatisation strategy.

Sources familiar with the matter have disclosed that companies representing these three Gulf nations have initiated discussions with Pakistani authorities to explore a potential acquisition deal for the national carrier.

Pakistan has proactively engaged in briefing officials from the aforementioned Gulf countries about the operations and prospects of its flag carrier.

Reports indicate that the sale of PIA will be conducted through a competitive bidding process, with the airline going to the highest bidder upon the conclusion of the privatisation initiative.

Recently, the federal cabinet took a pivotal step by endorsing an 11-member Board of Directors (BoD) for the PIA holding company, signaling a decisive move towards the privatisation endeavor.

Notably, the esteemed panel includes individuals of notable expertise, with Mr. Tariq Bajwa, the former Governor of the State Bank of Pakistan, being appointed as the chairman of the BoD.

The composition further comprises seven independent directors alongside four government officials, underscoring a balanced and proficient leadership setup to oversee the privatisation proceedings.

The initiation of the privatisation plan underscores Pakistan’s commitment to revitalise its national flag carrier, which has long grappled with financial challenges, as highlighted by ARY News.

This strategic move aims to inject efficiency and sustainability into PIA’s operations while unlocking opportunities for enhanced competitiveness in the global aviation landscape.

As stakeholders await further developments, the potential involvement of prominent Gulf investors signifies a promising trajectory for PIA’s future under private ownership.