Karachi, November 28, 2024 – Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), announced an initial Rs 5 billion seed fund for the launch of a new airline, Air Karachi. This initiative, spearheaded by prominent business leaders, aims to revolutionize air travel in Pakistan.
Speaking about the venture, Sheikh highlighted that Air Karachi, headquartered in Karachi, is a collaborative effort among top industrialists and corporate investors. The project is designed to address gaps in Pakistan’s aviation industry and meet international standards. Sheikh himself is one of the primary shareholders in the airline.
Prominent shareholders include:
• S.M. Tanveer, Patron-in-Chief of the UBG.
• Aqeel Karim Dhedhi, Chairman of AKD Group.
• Arif Habib, Chairman of Arif Habib Limited.
• Bashir Janmohammad, a leading industrialist and educationist.
• Zubair Tufail, former FPCCI President.
• Hanif Gohar and Khalid Tawab, former Senior Vice Presidents of FPCCI.
• Sheikh Umer Rehan, Chairman of PVMA.
• Hamza Tabani, Chairman of Tabani Group.
Sheikh noted that Air Karachi has been registered with the Securities and Exchange Commission of Pakistan (SECP) and is gearing up to lease three state-of-the-art aircraft for its initial operations. The airline plans to focus on domestic routes in its first phase, with international operations to follow soon, reclaiming profitable international routes that Pakistan once dominated.
The FPCCI President emphasized that Air Karachi’s business model prioritizes efficiency over profiteering, aiming to provide affordable, high-quality services while ensuring long-term growth and sustainability. He remarked, “Our guiding principles will be operational efficiency and managerial excellence, ensuring price competitiveness and superior service.”
Sheikh assured that Air Karachi will adopt global best practices in passenger safety, environmental standards, service quality, and reliability. He underlined the importance of rebuilding Pakistan’s aviation image, damaged by the declining state of its national carrier.
The initiative aims to bolster Pakistan’s economy, tourism, and international reputation. Sheikh observed, “Without a world-class airline, we cannot attract foreign investors or tourists. Tourism alone has the potential to contribute billions of dollars annually to our economy.”
With strong financial backing and visionary leadership, Air Karachi is poised to become a transformative force in Pakistan’s aviation industry, offering passengers both reliability and value.
