Skip to content Skip to Search
Skip navigation

UAE and Qatar in race for Pakistan’s privatisation deals  

By Pramod Kumar
Pakistan aims to raise foreign exchange by selling PIA and outsourcing three airports to avoid a balance of payment crisis PIA/X
Pakistan aims to raise foreign exchange by selling PIA and outsourcing three airports to avoid a balance of payment crisis

Investors from the UAE, Qatar and Turkey have shown interest in Pakistan’s national airline and airports as the South Asian nation accelerates its privatisation programme.

Other investors are from Germany, France, Netherlands, Malaysia and local groups, ARY News, a Pakistani news channel, reported. 

Defence and aviation minister Khawaja Muhammad Asif has discussed outsourcing airports and privatising Pakistan International Airlines (PIA).

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

Islamabad aims to raise foreign exchange by selling the state-run airline and outsourcing three airports to avoid a balance of payment crisis. 

The names of the investors were not given.

The board of PIA approved the airline’s privatisation and restructuring plan, The News International, an English daily news outlet, reported.

E&Y, a financial advisory firm, has been appointed by the government to prepare the plan for the loss-making airline, which had liabilities of Rs785 billion ($2.8 billion) and accumulated losses of Rs713 billion as of June last year.

The International Monetary Fund (IMF) has asked Islamabad to privatise the state-owned enterprises to revitalise its ailing economy.

Last week, the IMF agreed to release $1.1 billion of a $3 billion bailout package to Pakistan, saying the country will need more policy reforms to address deep-seated economic vulnerabilities.

Latest articles

illegal pilgrims Mecca Saudi Arabia

Illegal Hajj pilgrims risk fines and deportation

Fines for Saudi nationals and deportation for foreign residents taking part in the Hajj pilgrimage without a permit have been announced by the country’s interior ministry. Those who help illegal pilgrims also face jail as the kingdom tries to impose stricter controls over the annual rites.  A fine of SAR10,000 ($2,700) will be issued against […]

Accessories, Formal Wear, Tie

EU looks for alternatives as trade talks with GCC stall

The European Union is actively seeking alternative “avenues” for economic cooperation with the GCC following a deadlock in free trade agreement talks, said Johannes Hahn, the EU commissioner for budget and administration. “We would be interested, of course, to get an agreement [with the GCC], but we have not made a lot of progress,” Hahn […]

A view of the 'command centre' at Adnoc headquarters. Adnoc L&S serves more than 100 customers worldwide, including Adnoc

Adnoc Logistics & Services first-quarter profit up 34%

Adnoc Logistics and Services – a subsidiary of Abu Dhabi National Oil Company – reported a 34 percent year-on-year increase in net profit to $194 million (AED712 million) in the first quarter of the year. Its revenue rose 42 percent year on year to $840 million in Q1, while EBITDA increased 44 percent to $286 […]

Emaar China Palace Hotel Downtown Dubai

Emaar Hotels reveals wide expansion plans

Emaar Hospitality Group is talking to investors in Europe, the Middle East and China to expand its footprint regionally and internationally. The Dubai-based company is behind iconic names such as The Address Hotels & Resorts, Vida Hotels, Palace Hotels & Resorts and Armani Hotels & Resorts. Mark Kirby, Emaar Hospitality’s CEO, told AGBI the company […]