Latest news with #AmirHayat
Arab News
29-06-2025
- Business
- Arab News
Pakistan says ‘actively engaged' with UK to ensure lifting of PIA ban
ISLAMABAD: Deputy Prime Minister Ishaq Dar has assured Pakistan International Airlines (PIA) Islamabad is 'actively engaged' with British authorities to ensure a ban on the national carrier from operating flights to the United Kingdom (UK) is lifted at the earliest, state-run media reported this week. PIA was banned by the European Union Aviation Safety Agency (EASA), United Kingdom (UK) and United States US authorities after Pakistan opened an investigation into the validity of pilots' licenses following a PIA plane crash in Karachi, in May 2020, that killed 97 people. PIA resumed flights to Europe in January after EASA lifted its four-year safety ban on the airline. The national carrier has also approached UK authorities for permission to resume its services to the country. Dar, who also serves as Pakistan's foreign minister, met PIA's Chief Executive Officer Amir Hayat on Saturday to discuss matters related to the airline, state broadcaster Radio Pakistan reported. 'On the occasion, the Deputy Prime Minister and Foreign Minister said he and the Ministry of Foreign Affairs are actively engaged with the UK authorities to ensure lifting of the ban at the earliest,' Radio Pakistan said. Hayat requested Dar for 'further diplomatic assistance' to ensure the resumption of PIA flights to the UK, the report said. Pakistan hopes new European routes and flying approval to the UK will boost PIA's selling potential, as Islamabad plans on privatizing the loss-making national airline. PIA, once a respected carrier in Asia, has been supported by taxpayers for decades due to political interference, corruption and inefficiencies. Its privatization has also repeatedly collapsed amid union resistance, legal hurdles and low investor appetite. Cash-strapped Pakistan has been attempting to privatize the debt-ridden PIA to raise funds as part of its efforts to reform state-owned enterprises under a $7 billion International Monetary Fund (IMF) program secured last year. Late last year, a deal fell through after a potential buyer reportedly offered $36 million for a 60 percent stake in the national flag carrier, a fraction of the asking price of approximately $303 million. Officials say PIA's cumulative losses alone are close to $3 billion, with the total asset valuation of the airline standing at approximately $572 million. Pakistan plans to hold the final bidding to sell the PIA by October and complete its sale by the end of this year, the country's privatization czar told Arab News this week. Last week, five consortiums submitted expressions of interest for a 51–100 percent stake in PIA after the government restructured its balance sheet to make the deal more attractive.
Express Tribune
28-06-2025
- Business
- Express Tribune
PIA CEO seeks govt help to reopen UK route
PIA Chief Executive Officer Pakistan International Airlines AVM Amir Hayat on Saturday called on Deputy Prime Minister/Foreign Minister Senator Ishaq Dar. Appreciating the DPM/FM's continued support, he requested further diplomatic assistance for the resumption of flights to the UK. Dar informed that he and the Ministry of Foreign Affairs were actively engaged with the UK authorities to ensure the lifting of the ban at the earliest. The CEO acknowledged that during the PDM government (20222023) necessary groundwork was laid, enabling PIA & CAA to meet ICAO requirements.
Business Recorder
12-06-2025
- Business
- Business Recorder
Air Karachi inks MRO deal with PIA
KARACHI: Air Karachi has signed a maintenance agreement with Pakistan International Airlines (PIA) to acquire engineering services from the national flag carrier. According to the details, under the agreement, Air Karachi will acquire engineering services or MRO (Maintenance, Repair, and Overhaul) services from PIA. The agreement was signed by CEO PIA, Air Vice Marshal Amir Hayat, and Air Karachi's Chairman Hanif Gohar and CEO AVM Imran Majid (retd). Senior officials from PIA and Air Karachi were present. PIA spokesman said that the airline's Engineering Division has the capacity and capability for maintenance, repair, and overhaul that is available and being offered to other airlines, adding that this agreement would generate additional revenue for PIA through MRO facilities. Copyright Business Recorder, 2025
Business Recorder
11-06-2025
- Business
- Business Recorder
Air Karachi signs aircraft maintenance agreement with PIA
An agreement has been finalised between the Pakistan International Airlines (PIA) and Air Karachi — an airline established by Karachi's business community — for aircraft maintenance, according to a statement released on Wednesday. Under the agreement, Air Karachi will receive engineering services or MRO (Maintenance, Repair, and Overhaul) services from the PIA. The agreement was signed by PIA CEO Air Vice Marshal Amir Hayat, Air Karachi Chairman Hanif Gohar, and Air Karachi CEO Air Marshal (Retd.) Imran Majid. In November 2024, the business community of Karachi announced the launch of a new airline, Air Karachi, with an initial investment of Rs5 billion. The announcement was made by Hanif Gohar during his visit to the Karachi Press Club, accompanied by S M Tanveer, Chairman of the United Business Group. Air Karachi is yet to launch its flight operations.
Arab News
10-04-2025
- Business
- Arab News
CEO says PIA's first annual profit in decades to attract ‘favorable valuation' from investors
KARACHI: Pakistan International Airlines expects to attract 'more favorable valuation' from investors after the national carrier posted an annual profit for the first time in more than two decades ahead of a second attempt by the government to sell the airline, CEO Amir Hayat said this week. Islamabad's attempt to privatize PIA last year fell flat when it received only a single offer, well below the asking price of more than $300 million. The cash-strapped government of Prime Minister Shehbaz Sharif is struggling to privatize several loss-making public enterprises, including PIA, as part of conditions under a $7 billion International Monetary Fund's loan program approved last year. This week, PIA reported Rs9.2 billion ($33.1 million) earnings from its operations last year ended December and made a net profit of Rs26.2 billion ($93.3 million) in 2024, a development described by analysts as 'good optics' for the privatization push. 'This landmark operational profit of 26 billion rupees fundamentally strengthens PIA's position in the context of the government's privatization plan,' Hayat told Arab News in a written response to questions. 'It demonstrates the inherent value and turnaround potential of the airline, making it a significantly more attractive proposition for potential investors.' He said the results would positively influence investor confidence and potentially lead to a 'more favorable valuation' during the privatization process. Pakistan had offloaded nearly 80 percent of the airline's legacy debt and shifted it to government books ahead of the privatization attempt. The rest of the debt was also cleaned out of the airline's accounts after the failed sale attempt to make it more attractive to potential buyers, according to the country's privatization ministry. The airline has for years survived on government bailouts as its operational earnings were eaten up by debt servicing costs. Officials say offloading the debt burden and recent reforms like shedding staff, exiting unprofitable routes and other cost-cutting measures led to the profitable year. Hayat said the latest profit was because of 'a comprehensive reforms program' executed over the past few years. 'Key drivers include maintaining strict financial discipline by implementing stringent cost control measures across the board, scrutinizing every expense, creating operational efficiencies in every aspect of flight operations, reducing ground times, and enhancing fuel efficiency,' Hayat said. Other measures included route optimization by curtailing non-productive routes and capitalizing on profitable ones, and revenue enhancement by creating opportunities in neglected segments such as cargo, ancillary sales and codeshares and alliance partnerships. 'We view this profit not as a one-off anomaly, but as the foundational result of deep, structural changes within the airline,' Hayat added. While the aviation industry remained vulnerable to external variables like fuel prices and geopolitical factors, PIA had developed internal mechanisms that provided a 'strong basis for continued positive performance.' 'Our clear intent and strategy are geared toward maintaining profitability moving forward and our budget for 2025 is already planned on net profitability,' the PIA CEO said. Muhammed Sohail, the chief executive officer at Topline Securities, said the latest profits would provide 'good optics to attract more investors' to buy the airline. Ahead of the attempt to sell the airline last year, PIA had faced threats of being shut down, with planes impounded at international airports over its failure to pay bills and flights canceled due to a shortage of funds to pay for fuel or spare parts.
