An adviser for the deal tells Pakistan’s ministry of defence production and aviation that 'seven international investors including Germany, France, Netherlands, Qatar, UAE, Malaysia and Turkiye have shown interest' besides local groups
Two sources close to the process say 51% stake with full management control would be offered to buyers after parking airline’s debts in a separate entity, under the 1,100 page report from Ernst & Young
Economic Coordination Committee directs that emphasis should be given to PIACL’s privatisation instead of restructuring as the national flag-carrier is on active list of privatisation
Ghulam Sarwar's remarks come after the International Civil Aviation Organization (ICAO) gave Pakistan's aviation regulator the all clear in terms of resolving significant safety concerns
Due to extremely challenging environment on account of COVID-19, PIA has attained gross loss of Rs 3.6 billion and operating loss of Rs 5.4 billion during the period ended March 31 2021.
He said as per arrangement return airfare inclusive of all relevant taxes for economy class from Karachi will be Rs 91,000 and that from other cities would be Rs 96,000.
The development comes after Pakistan announced it will accept applications for Umrah from the nationals from November 1 under the new regulations, in wake of the Saudi government's announcement to start Umrah pilgrimage for international pilgrims.
The Chief Executive Officer (CEO) of Pakistan National Airlines (PIA), Arshad Malik, told the cabinet in a briefing that the air operation was closed due to coronavirus pandemic due to which the Umrah and Hajj seasons could not take place.
PIA had flown more than 27,000 Pakistanis to Saudi Arabia. From September 15 to 28, some 27,500 passengers were flown to Saudi Arabia through 91 flights.
With an increase in the number of flights PIA will be able to transport 25,500 passengers from Pakistan before the 30th of this month which is the deadline for many ensuring their presence in the kingdom.
Just days ago, the Kingdom of Saudi Arabia has announced the lifting of travel restrictions from January 1, while those in certain categories will be allowed to travel from September 15, as the coronavirus pandemic weaken.