Karachi’s businessmen has announced the launch of a new airline, Air Karachi.
The airline has been formally registered with the Securities and Exchange Commission of Pakistan (SECP), and an application has been sent to the federal government to obtain its operational licence.
According to businessman Hanif Gauhar, the airline will initially operate with three leased aircraft in its first phase. “We have submitted the application for the licence, and there are strong possibilities of securing approval in the coming days,” he said.
Air Vice Marshal (retd) Imran has been appointed the chief executive officer of Air Karachi. The new airline is being launched with an investment of Rs5 billion, he added.
Gauhar explained that notable investors in Air Karachi include Aqeel Karim Dhedi, Arif Habib, SM Tanveer, Bashir Jan, Khalid Tawab, Zubair Tufail, and Hamza Tabani, with each shareholder contributing Rs50 million to the venture.
The development comes as Pakistan witnesses the rise of private airlines amid the financial and administrative troubles faced by its national carrier, Pakistan International Airlines (PIA), which the government is working to privatize.
The proposed carrier, Air Karachi, plans to pool Rs50 million ($179,502) from each of its 100 shareholders, totaling Rs5 billion ($18 million).
