ISLAMABAD: The federal government is reportedly exploring a new strategy to privatize Pakistan International Airlines (PIA), the financially struggling national carrier, by selling it to Qatar or Abu Dhabi under a government-to-government (G2G) agreement.
According to a media report, following the failure of its most recent privatization effort, the government is now aiming to offload the airline to one of these Gulf states. Applications for expressions of interest in the sale are reportedly being accepted until November 30, 2024.
In previous attempts to privatize PIA, Blue World City, a real estate developer, emerged as the only interested party but declined to raise its bid of Rs. 10 billion for a majority stake in the airline. The provincial governments of Khyber Pakhtunkhwa and Punjab also showed interest in acquiring the national carrier, but no concrete deals were reached.
The new G2G approach signals a shift in the government’s strategy to address PIA’s ongoing financial troubles, with a focus on securing a stable future for the airline amid its continued struggle to remain profitable.
