KARACHI: The business community of Karachi has announced the launch of a new airline, Air Karachi, with an initial investment of Rs 5 billion. The announcement was made by prominent businessman Hanif Gohar during his visit to the Karachi Press Club on Tuesday, accompanied by S M Tanveer, Chairman of the United Business Group.
The airline, which has been registered with the Securities and Exchange Commission of Pakistan (SECP), is awaiting licencing from the federal government.
Speaking to journalists, Gohar revealed that the airline will commence operations with a fleet of three leased aircraft, with plans to expand in the near future.
“Following the precedent set by Air Sial, Karachi’s business community has decided to launch its own airline under the brand name of Air Karachi,” Gohar said.
He emphasised that Karachi, as the largest contributor to Pakistan’s economy, deserves its own airline to cater to the city’s growing business and travel needs.
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The shareholders of Air Karachi include notable business figures such as Aqeel Karim Dhedhi, Arif Habib, S M Tanveer, Shehryar Tahir, Bashir Jan Muhammad, Khalid Tawab, Zubair Tufail, and Hamza Tabani.
Air Vice Marshal Imran Majid Ali has been appointed as the airline’s Chief Executive Officer (CEO).
Gohar expressed optimism that the airline’s license would be issued soon, enabling the airline to launch operations. He stated that the initiative not only aims to enhance connectivity but also to provide employment opportunities and boost the country’s aviation sector.
During the discussion, S M Tanveer highlighted the challenges faced by Karachi’s business community due to government policies. He announced the Federation of Pakistan Chambers of Commerce and Industry’s new Charter of Economy project, aimed at revitalising the economy at the district level.
Tanveer disclosed that FPCCI has formed a team of 20 experts to design a strategy to improve exports, create jobs, and enhance revenue generation. He also addressed broader economic issues, including the high cost of electricity, declining industrial growth, and an overvalued rupee. He called for policy reforms, including a single-digit interest rate and the revival of SRO 1125 to support exports.
Tanveer criticised the government’s flawed policies, citing the closure of 5,000 printing presses and job losses for 2.5 million people.
He also revealed that Rs 2.1 trillion had been paid to independent power producers (IPPs) as capacity charges, contributing to the rising cost of electricity. However, he predicted that electricity rates would stabilise in the coming months. President KPC Saeed Sarbazi and Secretary KPC Shoaib Ahmed were also present.
Copyright Business Recorder, 2024