Congratulations, my countrymen. From today, my country will be listed among those countries that are without a national airline, and today I once again collapse. The first time I collapsed was when our brave army had to surrender before a very weak army—the Indian force. Today, my country’s pride airline, Pakistan International Airlines (PIA), has been privatised in a deal widely considered to be for a low price: a headline value of Rs 135 billion (around US$480 million), though much of this is earmarked for investment into the airline’s revival.
Under this deal, a 75% stake in PIA has been transferred to a consortium led by Arif Habib Group along with other partners. The government retains 25% ownership and will remain involved in oversight.
The transaction covers PIA’s airline operations, some physical assets and brand rights under the privatisation framework. It does not include the sale of Pakistan’s civil airports themselves. Yet still, the scale of the transfer is enormous, touching the airline’s international routes, ground services and commercial operations.
My first question is to those seated in the National and Provincial Assemblies. This matter appeared in the newspapers, yet did even one of these puppets raise a motion against this sale of our only national airline? It was sold not as a national institution, but like an old prostitute—tired and shapeless after long service, considered useless and a burden to its keepers, and sold at what many view as a very low valuation.
Just one example: a single Boeing 777 aircraft, in good condition, is often valued well over US$400 million on the market. Yet this privatisation deal covers around 18 aircraft and other commercial rights under terms that critics argue are not in the nation’s best interest. No authority spoke up vocally because Arif Habib and his partners are powerful and know well how to keep mouths shut.
From the headline Rs 135 billion, only about Rs 10 billion (roughly US$36 million) will go directly to the Government of Pakistan as cash proceeds. Much of the remainder is tied to capital investment commitments and obligations to recapitalise the airline. The total legacy liabilities of PIA—built up over years of losses and obligations—remain a complex issue, and the government will continue to carry much of this burden, which ultimately affects taxpayers and ordinary citizens who have never boarded a plane.
So, my countrymen, if tomorrow you buy potatoes in crates, remember that you are, in part, bearing the cost of this sale.
Pakistan International Airlines traces its origins to pre-Partition India. In 1946, the airline began as Orient Airways, founded by businessman Mirza Ahmad Ispahani in Calcutta, then part of British India. After the creation of Pakistan in 1947, Mr Ispahani and other prominent business families migrated to the new country.
Orient Airways merged into what became Pakistan International Airlines, and Mr Ispahani became a key early figure in the organisation. The Ispahani, Adamjee and Atag Groups provided critical early investment. Mr Ispahani played a crucial role in connecting newly formed Pakistan with its diverse regions.
PIA went on to connect Pakistan with many countries of the world. In its earlier years, it was regarded as a prestigious airline and once a pioneer in international routes.
In later decades, however, PIA faced mounting challenges. It competed with strong Gulf and regional carriers and struggled with inefficiencies. After the separation of East Pakistan in 1971 and the political shifts that followed, the airline was increasingly burdened by political appointments and managerial interference.
Politicians filled PIA and other departments with recommended appointees who were often unsuited for their roles. Many were placed for consideration, and naturally expected returns. Dishonesty and mismanagement flooded the organisation. Therefore, if losses were created, it should not be surprising.
PIA was once nourished and led by Pakistan Air Force air chiefs, officials and highly skilled professionals, but over time, political influence weakened its competitive edge.
I have very good news: the control of PIA is now in the hands of the Pakistan Fauji Foundation and its partner consortium. This is truly good news. With this hope, my heartbeat rises, because I believe PIA can be revived and will live long.
I humbly request the Board of the Fauji Foundation to kindly take responsibility for national institutions and make members of the assemblies learn to think better for the country.
The future of PIA will be shaped by private management under this consortium. While some critics predict future alliances with Gulf carriers such as Emirates Airline, no formal merger with Emirates has been announced. Such partnerships remain speculative.
What is clear is that the privatisation marks a new chapter: PIA will operate with private capital, and the government and public will watch closely as it seeks revival.
The consortium, including the Fauji Foundation’s share, stands to benefit if the airline returns to profitability.
Long live my country, Pakistan.