Pakistan aims to complete PIA bidding by next month as government widens stake on offer
Officials target financial close within 90 days of bids and outline plans to advance a joint-venture redevelopment of the Roosevelt Hotel
Haris Zamir
Business Editor
Experience of almost 33 years where started the journey of financial journalism from Business Recorder in 1992. From 2006 onwards attached with Television Media worked at Sun Tv, Dawn Tv, Geo Tv and Dunya Tv. During the period also worked as a stringer for Bloomberg for seven years and Dow Jones for five years. Also wrote articles for several highly acclaimed periodicals like the Newsline, Pakistan Gulf Economist and Money Matters (The News publications)
Pakistan’s government expects bidding for the privatization of Pakistan International Airlines to be completed before the end of next month, with the transaction’s financial close targeted within 60 to 90 days after bids are submitted, officials said Thursday.
The government plans to sell 75 to 100% of its stake in the national flag carrier — a wider range than earlier announced — while maintaining its previous condition that PIA’s name, identity and iconic green-and-white theme will not be altered after privatization.
Four parties have already been pre-qualified for the bidding process, including consortiums led by major Pakistani business groups and one domestic airline.
Prime Minister Shehbaz Sharif has urged officials to complete the divestment process swiftly and transparently and to improve PIA’s flight punctuality and expand its fleet.
In a meeting, officials told the prime minister that PIA aims to nearly double its fleet of airworthy aircraft from 18 to 38 by 2029, while expanding its network from more than 30 cities to over 40 destinations in the same period.
The meeting also reviewed the airline’s latest financial results, which show PIA posting improved performance in 2024 and a pre-tax profit in the first half of 2025, its strongest mid-year result in nearly two decades.
Roosevelt Hotel
An official also briefed the meeting on the future of the Roosevelt Hotel, Pakistan’s prime property located in the heart of Manhattan, New York.
He said the government has decided to construct a new high-rise tower on the existing site through a joint venture with a reputable U.S. real estate developer. He said the precise stake Pakistan will retain in the project will be determined after an independent valuation and financial assessment.
According to the official, Pakistan will remain a “significant partner” in the redevelopment and will work with investors to determine how much of the new skyscraper will be allocated for hotel rooms, residential units, offices or commercial space.
The timeline for finalizing the joint venture partner and the transaction structure is mid-2026, he said.
The meeting was attended by key members of the federal cabinet, including the ministers for defense, finance, economic affairs and law, as well as senior officials involved in the privatization program.
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