Three Gulf countries show interest in acquiring PIA

ISLAMABAD: Sources said that three Gulf nations, namely the United Arab Emirates, Saudi Arabia, and Qatar, have expressed interest in acquiring financially struggling Pakistan International Airlines (PIA) as the government accelerates its privatization initiative.

Sources familiar with the matter revealed that companies from these countries have approached the Pakistani government to initiate negotiations for acquiring PIA.

Pakistan has briefed officials from these Gulf countries about its national carrier. It’s reported that PIA will be sold to the highest bidder once the privatization process is finalized.

Recently, the federal cabinet approved an 11-member Board of Directors (BoD) for the PIA holding company to oversee the privatization process. Former State Bank of Pakistan Governor Tariq Bajwa has been appointed as the chairman of the BoD, which will comprise seven independent directors and four government officials. Pakistan’s move towards privatizing PIA comes in light of the airline’s significant financial losses.

Prime Minister Shehbaz directed the Privatization Ministry earlier this month to present a final schedule for the implementation of PIA’s privatization. He stressed the importance of maintaining transparency throughout the privatization process during a high-level meeting in Islamabad on March 6, which also discussed the restructuring of the Federal Board of Revenue.

Meanwhile, it’s reported that the PIA Board of Governors has proposed retiring employees who have four years left until retirement in case of the institution’s privatization. Discussions were held on this matter during a meeting, including consideration of a voluntary retirement scheme.