Top businessmen launch "Air Karachi" with Rs5bn investment

November 29, 2024 (MLN): In a transformational initiative for Pakistan's aviation industry, top businessmen have formed a strategic alliance to launch the much-needed world-class airline for Pakistan, named Air Karachi, with an initial seed investment of Rs5 billion.

The mega-venture’s Head Office is based in Karachi and is a joint effort by prominent business leaders and corporate investors, including FPCCI President Atif Ikram Sheikh, who is also a major shareholder.

Atif Ikram Sheikh stated that, in addition to the initial investment, the alliance of prominent businessmen has committed to providing further investments and financing as needed for the expansion of the fleet, infrastructure, new domestic routes, and international operations.

Air Karachi will truly be a transcontinental airline, he added.

FPCCI's Chief highlighted that Air Karachi has been registered with the Securities & Exchange Commission of Pakistan (SECP) and plans to immediately lease three top-notch aircraft to kick-start domestic operations.

The next phase will see the launch of international operations, with the aim to regain the lucrative international routes where once the commercial planes carrying the Pakistani flag flew high and proud.

Atif Ikram Sheikh stressed that the guiding principle of Air Karachi will be to derive profitability from operational and managerial efficiency, not profiteering or price gouging.

This model ensures price competitiveness, value proposition, growth, expansion, and sustainability, he explained. "We need to bring the same model to Pakistan," he added.

Atif Ikram Sheikh maintained that Air Karachi will be run under international best practices in management and aviation, including passenger safety and environmental standards, strict compliance and reliability of schedules, in-flight food, entertainment, comfort and service quality, as well as pre- and post-flight services and facilitation.

Atif Ikram Sheikh elaborated that the aforementioned group of businessmen had been observing the deteriorating state of Pakistan’s national carrier, the lack of competitive and quality commercial airlines in the country, and the negative impacts of these shortcomings on Pakistan’s economy, tourism, and international image.

He added, "We can never achieve the goal of attracting foreign investors and tourists in large numbers unless we have an airline with international standing and work ethics. Tourism alone can earn Pakistan billions of dollars annually."

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