Pakistan’s PIA sale draws interest from leading firms, army company ahead of deadline

Pakistan’s PIA sale draws interest from leading firms, army company ahead of deadline
View of a Pakistan International Airlines (PIA) passenger plane, taken through a glass panel, at Islamabad International Airport, Pakistan on October 3, 2023. (Reuters/File)
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Updated 18 June 2025

Pakistan’s PIA sale draws interest from leading firms, army company ahead of deadline

Pakistan’s PIA sale draws interest from leading firms, army company ahead of deadline
  • Pakistan trying to offload state-owned companies to meet IMF demands
  • Previous sales of airline have failed over PIA’s poor conditions, terms

ISLAMABAD: Two of Pakistan’s leading business groups and a company backed by the powerful military will bid for the country’s ailing national carrier, a divestment the government hopes will kickstart the privatizations of state-owned enterprises.

The sale of Pakistan International Airlines will be the first major privatization for around two decades, with the sale of loss-making state-owned enterprises a condition of last year’s $7 billion bailout by the International Monetary Fund.

The government tried unsuccessfully to last year offload a stake in PIA, which is a major burden on its budget, but the sale was aborted because of the poor state of the airline and the conditions attached to any purchase.

Expressions of interest are due by Thursday for an up to 100 percent stake in the airline, with industry insiders expecting more bidders to emerge. They say the deal has been sweetened with a tax incentive and bolstered by signs of a turnaround in PIA’s fortunes.

The Ministry of Privatization did not respond to a request for comment.

Among those planning bids are the Yunus Brothers Group, owners of the Lucky Cement and energy companies; and a consortium led by Arif Habib Limited that includes Fatima Fertilizer, Lake City, and The City School, sources within the companies said.

Fauji Fertilizer Company, which is part-owned by the military, said it will be making an expression of interest, in a notice to the Pakistan Stock Exchange. Fertilizer production is a lucrative sector in Pakistan.

A group of PIA employees has also come forward to bid.

“The employees will use their provident fund and pension, in addition to finding an investor to place a bid. We’re doing this to save jobs and turn around the company,” said Hidayatullah Khan, president of the airline’s Senior Staff Association.

The airline was restructured last year, offloading approximately 80 percent of its legacy debt to the government to make it more attractive to investors. But bidders remain concerned about overstaffing and the ability to fire employees.

Last year’s sale effort failed when the sole bid of $36 million fell far short of a $305 million floor price.

Interested parties walked away before bidding, partly because the government was not willing to give up 100 percent of the company, with bidders saying they did not want the government to remain involved.

Since then, PIA has posted its first operating profit in 21 years, driven by cost-cutting reforms, after making cumulative losses of $2.5 billion.

This success of the current process will depend on whether the government is willing to give up a 100 percent stake, industry insiders said.

They added that a government decision this month to remove the requirement of paying sales tax upfront on the lease of new aircraft, which had been an impediment, will make the deal more attractive.

PIA resumed flights to Europe in January after the European Union lifted a four-year safety ban. The airline has also approached UK authorities for permission to resume services to London and Manchester.

The restoration of international routes is vital to future growth opportunities and successful bidders are likely to bring in foreign airlines as operators. 


Over 60,000 expected to attend ‘Emirates Loves Pakistan’ celebrations in Dubai today

Over 60,000 expected to attend ‘Emirates Loves Pakistan’ celebrations in Dubai today
Updated 30 sec ago

Over 60,000 expected to attend ‘Emirates Loves Pakistan’ celebrations in Dubai today

Over 60,000 expected to attend ‘Emirates Loves Pakistan’ celebrations in Dubai today
  • Public event to mark Pakistan’s 78th Independence Day will be held at Dubai Exhibition Center in Expo City
  • Singers Sahir Ali Bagga, Sufi singer Natasha Baig and storyteller Yousuf Bashir Quresh to perform at event

ISLAMABAD: At least 60,000 participants are expected to attend a public celebration event marking Pakistan’s 78th Independence Day in Dubai today, Sunday, the UAE’s official news agency said. 

The event titled ‘Emirates Loves Pakistan’ will be held at the Dubai Exhibition Center in Expo City and will be attended by Sheikh Nahyan bin Mubarak Al Nahyan, the UAE’s minister of tolerance and coexistence, alongside Faisal Niaz Tirmizi, Pakistan’s ambassador to the UAE, WAM reported. 

Diplomats, economic representatives and “notable social figures” from the Pakistani community in the country will also be at the event, which WAM said is being organized by ‘Emirates Loves Pakistan’ — a platform dedicated to sharing content that highlights the success stories and contributions of the Pakistani community in the UAE, in collaboration with the Pakistan Association in Dubai, with support from Dubai Police.

“The occasion will feature activities reflecting the cultural heritage, arts, and folklore of Pakistan, as well as acknowledging the historical relations and diplomatic ties between the two nations,” WAM said in a report on Saturday. 

“The event, expected to draw approximately 60,000 attendees, will include a ceremony to acknowledge distinguished members of the Pakistani community in the UAE, accompanied by cultural performances, artistic exhibitions, musical presentations, and traditional folklore activities,” it added.

The program will also include events to highlight Pakistan’s traditions, the contributions of the Pakistani community to the UAE’s sustainable development, and a recognition of their achievements, it added. 

The event will also include live performances by Pakistani singing powerhouses Sahir Ali Bagga, Sufi rock sensation Natasha Baig, and renowned storyteller Yousuf Bashir Qureshi.

Pakistan marks its Independence Day each year on August 14 to celebrate the day it secured independence from British rule in India. Pakistan embassies across the world hold special events marking the significance of independence while special programs are held across the country to mark the occasion. 

The UAE is Pakistan’s third-largest trading partner after China and the US, and is considered a critical market due to its geographic proximity and logistical advantages.

The Gulf state is also Pakistan’s second-largest source of foreign remittances, after , with over 1.8 million Pakistani expatriates living and working there.


Pakistan receives over 71,000 Hajj applications in first submission round

Pakistan receives over 71,000 Hajj applications in first submission round
Updated 10 August 2025

Pakistan receives over 71,000 Hajj applications in first submission round

Pakistan receives over 71,000 Hajj applications in first submission round
  • Next application window runs August 11-16, will include unregistered intending pilgrims
  • Overseas Pakistanis can also apply through a close relative at any designated bank branch

ISLAMABAD: Pakistan’s Ministry of Religious Affairs has received more than 71,000 applications in the first phase of Hajj form submissions, state-run Associated Press of Pakistan (APP) reported on Saturday, citing a senior official.

Pakistan has a Hajj quota of 179,210 pilgrims for 2026, with 129,210 seats allocated for the government scheme and the rest for private tour operators.

Under the government scheme, pilgrims can choose between a long package of 38 to 42 days or a short package of 20 to 25 days, with costs estimated between Rs1.15 million and Rs1.25 million ($4,050-$4,236).

“The next phase will run from August 11 to 16, during which applications will be accepted along with the first installment of expenses,” the ministry’s spokesperson, Muhammad Umar Butt, said, according to APP. “In this stage, unregistered intending pilgrims will also be eligible to apply.”

The report said overseas Pakistanis can also apply through a close relative at any designated bank branch and will be required to provide medical fitness certificates upon arrival in Pakistan.

The official also said the ministry would stop accepting applications immediately once the allocated quota is filled.

approved the same overall quota for Pakistan in 2025, but a significant portion of the private allocation went unused due to delays by tour operators in meeting payment and registration deadlines, while the government fulfilled its share of over 88,000 pilgrims.

Private operators blamed the shortfall on technical issues, including payment processing and communication problems.


Tribal elders in Pakistan’s northwest urge Afghanistan talks for peace, reopening of trade routes

Tribal elders in Pakistan’s northwest urge Afghanistan talks for peace, reopening of trade routes
Updated 09 August 2025

Tribal elders in Pakistan’s northwest urge Afghanistan talks for peace, reopening of trade routes

Tribal elders in Pakistan’s northwest urge Afghanistan talks for peace, reopening of trade routes
  • KP administration has been hosting regional jirgas amid escalating militant violence in the province
  • The latest one brought together tribal elders from Kurram, a region known for violent tribal clashes

PESHAWAR: Tribal elders from Pakistan’s northwestern Kurram region on Saturday called for negotiations with Afghanistan and the opening of cross-border trade routes during a consultative gathering arranged by the Khyber Pakhtunkhwa provincial administration to discuss the overall security situation in the region.

Chief Minister Ali Amin Khan Gandapur has launched a series of regional jirgas, or tribal councils, to deliberate on issues affecting the province, particularly its tribal districts, amid a surge of militant violence and counter-operations by security forces. The gatherings bring together tribal elders, local lawmakers and officials to find a way out of the current security situation in the area.

The last in the series brought together influential figures from Upper, Central and Lower Kurram, a former semi-autonomous tribal area bordering Afghanistan with a long history of violent conflicts that have claimed hundreds of lives. Last year alone, tribal clashes along sectarian lines in the district persisted for months, killing more than 100 people and displacing many more.

“For a permanent solution to the problem, a powerful council comprising federal and provincial governments, security agencies and local tribal elders should be formed to hold negotiations with Afghanistan, because Kurram’s peace is linked to Afghanistan,” the jirga said in its recommendations.

“Trade routes should be opened with Afghanistan to provide employment to the area’s residents,” it added.

Much of the country’s northwestern tribal belt has a narrow economic base, historically dependent on cross-border movement. Traditionally, residents of the areas crisscrossed between what is now Pakistan and Afghanistan, with tribal communities spread across both sides of the frontier.

Past efforts to launch livelihood projects in the area have also had limited impact.

Participants of Saturday’s jirga expressed appreciation for the provincial government’s efforts to restore stability in Kurram.

They said the residents of the district were united for peace and pledged to assist the government in any way necessary to maintain it.

“Peace is our basic need,” the jirga statement said. “If there is peace, there will be development.”

It added the people of Kurram opposed “all forms of terrorism” and stood by the government in efforts to counter it.

The gathering was also attended by provincial and national legislators from the district along with administrative and law enforcement officials.


Study shows nearly half of Pakistan’s heart attack patients under 49

Study shows nearly half of Pakistan’s heart attack patients under 49
Updated 09 August 2025

Study shows nearly half of Pakistan’s heart attack patients under 49

Study shows nearly half of Pakistan’s heart attack patients under 49
  • NICVD attribute early-age cases to diabetes, hypertension, obesity, smoking and unhealthy lifestyles
  • Doctors urge people to go for cardiac check-ups if they have chest heaviness or acidity-like discomfort

KARACHI: Nearly half of Pakistan’s heart attack patients are under the age of 49, with up to 15% younger than 40, cardiologists at the National Institute of Cardiovascular Diseases (NICVD) said on Saturday, warning of a sharp rise in early-age cases linked to diabetes, hypertension, obesity, smoking and unhealthy lifestyles.

NICVD’s Director of Cath Lab, Dr Abdul Hakeem, said Pakistan had “the highest rate of young heart attack patients globally.”

“Every third adult has diabetes, 40% have high blood pressure, obesity is common, and smoking rates remain high,” he said. “Many people don’t know they’re at risk because, in our culture, loose clothing hides weight gain. After the age of 30, everyone should get a cardiac check-up.”

Hakeem said nine in ten patients in NICVD’s data reported no severe chest pain, only heaviness or acidity-like discomfort, symptoms that can delay treatment.

“If you feel chest heaviness while walking or climbing stairs, get an ECG immediately,” he said. “The most dangerous anterior heart attack can damage up to 60% of the heart muscle and often causes a clot within four to eight weeks, increasing the risk of stroke.”

NICVD Executive Director Dr Tahir Saghir said the institute was moving into advanced research, including trials on drug-coated balloons that could reduce future artery blockages without stents, backed by international funding.

Senior cardiologist Dr Nadeem Rizvi stressed the value of locally conducted research tailored to Pakistan’s healthcare environment, while Dow Institute of Cardiology Director Dr Tariq Furman said genetic, socioeconomic and physical differences meant Western treatment guidelines often needed adjustment for local patients.

The findings were released alongside results from the country's largest clinical trial on acute left ventricular thrombus (LVT), a dangerous blood clot that can form after a severe heart attack and cause stroke.

Conducted by NICVD in collaboration with local pharmaceutical firm Pharmevo, the study compared rivaroxaban, a newer blood thinner, with the decades-old standard drug warfarin.

The trial, named RIVAWAR, ran from June 2021 to December 2023, enrolling 261 patients within seven days of a heart attack, most of whom had a severe form that also reduced heart function.

The study found rivaroxaban to be a safe, effective alternative to warfarin, with faster early clot resolution and similar success rates over 12 weeks.

Researchers said early diagnosis and treatment of LVT could prevent thousands of strokes in Pakistan each year.


Pakistan’s defense minister rejects Indian claim of downing six jets, says no aircraft lost

Pakistan’s defense minister rejects Indian claim of downing six jets, says no aircraft lost
Updated 09 August 2025

Pakistan’s defense minister rejects Indian claim of downing six jets, says no aircraft lost

Pakistan’s defense minister rejects Indian claim of downing six jets, says no aircraft lost
  • Indian air chief says five Pakistani fighters and a surveillance plane were destroyed in May clashes
  • Khawaja Asif says wars are won through professional competence, not by such fabrications

ISLAMABAD: Defense Minister Khawaja Muhammad Asif on Saturday rejected the Indian air chief’s assertion his country shot down six Pakistani military aircraft during a standoff between the nuclear-armed neighbors, saying no Pakistani aircraft was hit and adding that wars are won through professional competence, not fabrications.

Indian Air Chief Marshal A.P. Singh told a gathering in New Delhi earlier today his country had downed five Pakistani fighter jets and one large surveillance plane in “the largest ever recorded surface-to-air kill” at a range of 300 kilometers. Singh’s assertion was the first such statement by India months after its worst military conflict in decades with its neighbor.

India targeted what it called “terrorist infrastructure” inside Pakistan earlier this year in May, calling it Operation Sindoor and saying it was in response to a gun attack in Indian-administered Kashmir which it blamed on Pakistan. Islamabad denied any involvement and called for an impartial international probe into the incident.

Pakistan said during the intense, four-day standoff it had shot down six Indian fighter jets, including French-made Rafales, right at the outset of the war. It also gave a technical briefing to the foreign media on how the situation unfolded at the outset of the conflict.

“Not a single Pakistani aircraft was hit or destroyed by Indian,” the minister said in a social media post on X. “Pakistan destroyed 6 Indian jets, S400 air defense batteries and unmanned aircraft of India while swiftly putting several Indian air bases out of action.”

He called it ironic that senior Indian military officials were “used as the faces of monumental failure caused by strategic shortsightedness of Indian politicians,” pointing out that for three months, no such claims were voiced by New Delhi.

He said if the truth was in question, both sides should open their aircraft inventories to independent verification.

“Wars are not won by falsehoods but by moral authority, national resolve and professional competence,” the minister said. “Such comical narratives, crafted for domestic political expediency, increase the grave risks of strategic miscalculation in a nuclearised environment.”

Asif warned that, as demonstrated during his country’s response to India, every violation of Pakistan’s sovereignty and territorial integrity would invite a “swift, surefire and proportionate response,” adding that responsibility for any ensuing escalation would rest entirely with “strategically blind leaders who gamble with South Asia’s peace for fleeting political gains.”

India has previously acknowledged some losses, with its Chief of Defense Staff Anil Chauhan saying in an interview with Bloomberg that his forces had made a “tactical mistake” during the May conflict, but denying that six aircraft were lost.

Responding to a question, Chauhan said it was not important how many Indian planes were downed in the war.

“The good part is we were able to understand the tactical mistake which we made, remedy it, rectify it and then implement it again after two days and flew all our jets, again targeting at long range,” he said.

Separately, France’s air chief, General Jerome Bellanger, has said he has seen evidence of the loss of three Indian fighters, including a Rafale.

The Indian Air Force has not commented on the claims.

With input from Reuters