Dhaka, Feb. 1 -- Pakistan International Airlines (PIA) has been officially handed over to the consortium led by Arif Habib Corporation, marking a major milestone in the government's ongoing privatization program.

The transaction documents were signed by representatives of the Government of Pakistan and the Arif Habib-led consortium, formally completing the transfer of the national flag carrier to private ownership.

Under the new arrangement, the consortium will assume responsibility for reviving PIA's operations, modernizing its fleet, and executing a turnaround strategy aimed at restoring profitability and competitiveness across domestic and international markets.

The new owners plan to expand PIA's fleet to 38 aircraft from the curre...