The takeover follows a closely contested bidding process in which the Arif Habib-led consortium emerged as the highest bidder for PIA.

The consortium submitted a final bid of Rs135 billion (Dh1.8 billion), narrowly ahead of the Lucky Group consortium, which placed a bid of Rs134 billion. The government had set a reserve price of Rs100 billion (Dh1.3 billion) for the airline.

Other groups that participated in the process included consortia involving Arif Habib, Fatima Fertilizer, The City School and Lake City Holdings, as well as private airline Airblue and the Lucky Group consortium.

The privatisation is the government’s second attempt to sell PIA after an earlier effort failed to meet pricing expectations. Since then, authorities restructured the airline’s liabilities, introduced tax exemptions on aircraft leasing and provided regulatory measures to attract investors.

Speaking after the takeover, the new ownership said in a statement that its relationship with passengers would remain central under the new structure.

“As the new ownership officially takes over today, we deeply understand that the trust of a nation isn’t simply transferred on a document. Trust is earned—mile by mile, smile by smile, year by year,” the statement read.

It added: “PIA will continue to honour its deep-rooted heritage while building a premium, modern aviation experience.”

The new management said the airline is now prepared to focus on improving operations and competing with international carriers, following the transfer of operating rights and restructuring of legacy liabilities.

According to the ch-aviation database, as of December 2025, Pakistan International Airlines is operating a fleet of 19 active aircraft. This figure includes 11 A320s, two ATR42-500 turboprops and six B777s, in different versions.