New PIA owner plans more GCC flights, lower airfares

KARACHI: Pakistan’s recently privatized national carrier, the Pakistan International Airlines (PIA), plans to increase its flights to the Gulf Cooperation Council (GCC) region as part of its post-privatization business strategy to achieve 7.5% annual revenue growth, its new owner said this week. A Pakistani consortium, led by Arif Habib Group, clinched a 75% stake in PIA for Rs135 billion ($482 million) on Dec. 23 after a competitive bidding process, in a deal that valued the airline at Rs180 billion ($643 million).

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