Pakistan International Airlines: Who is Arif Habib? 75% purchase stake in Kangal Pak’s state-owned airline and exclusive connection to Gujarat

• Government of Pakistan sold Pakistan International Airlines
• Arif Habib took 75% purchase share in the name
• Lived in Bantwa in Gujarat for some time

Pakistan International Airlines: Pakistan’s state-owned airline PIA has been sold. Business tycoon Arif Habib’s group has acquired a majority stake in PIA for 135 billion Pakistani rupees. The Pakistani airline was once a global dominator, but government neglect and management negligence led to its losses, which eventually led to its sale. Arif Habib, who bought the airline, is one of the country’s richest men and has deep ties to India.

Anticipating the dire situation in Pakistan, which has been facing a prolonged economic crisis, the government also sold a state-owned airline. In a bidding ceremony held in Islamabad, businessman Arif Habib bought PIA for 135 billion Pakistani rupees. Acquired 75% stake in Pakistan International Airlines. According to reports, they will now have 90 days to buy the remaining 25% stake. Investors will have to invest Rs 80 billion in the next five years.

Also read: Pakistan Economic Crisis: Alas.. Finally Pakistan had to sell the national airline! Will Pakistan’s economy recover from the bid amount?

Who is Arif Habib?

Arif Habib is a Pakistani businessman and is included in the list of richest people in the country (Pakistan Richest List). The founder and CEO of Arif Habib Group has expanded the business of the group into many areas. Born in 1953, Arif Habib entered the brokerage business in 1970 after completing his 10th standard and has never looked back since starting his professional journey.

Currently, Arif Habib Group operates in sectors such as financial services, chemicals, cement, steel, real estate and energy. Major companies of his group include Fatima Fertilizer, Ayesha Steel Mills and Javed Corporation. Under his leadership, the group has become one of Pakistan’s fastest growing multi-sector business groups.

Also read: Sukanya Samriddhi Yojana: Central government’s new scheme to secure the future of girls! How much money will be received after 21 years?

Arif Habib’s special connection with Gutraat

Pakistani magnate Arif Habib, who bought Pakistan’s state-owned airline PIA, also has deep ties to India. According to Bloomberg, Arif Habib’s parents were involved in the tea business and in 1948 they migrated from Bantwa in Gujarat to the newly formed Pakistan. Born in Karachi, Arif Habib’s family was in a difficult economic situation when they came to Pakistan. Arif Habib said that in 1970, his elder brother bought a trading license in the stock exchange and at the age of 17, he dropped out of class 10 and joined Arif’s brother in the brokerage business.