Who Is Arif Habib? Business Tycoon Behind Pakistan’s Biggest PIA Privatization Deal

Arif Habib is a well-known philanthropist and businessman from Pakistan. The Arif Habib Group, which he founded, makes investments in a number of industries, including steel, financial services, real estate, cement, fertilizer, and energy.

In 1970, he began working as a stockbroker at the Karachi Stock Exchange, where he was elected president multiple times. During privatization campaigns, he is notorious for purchasing shares in government-owned businesses.

Through the Arif Habib Foundation, which funds social welfare, healthcare, and educational initiatives, he is also involved in charitable endeavors. One of Pakistan’s highest civilian distinctions, the Sitara-e-Imtiaz, is among the many accolades he has earned. His personal wealth is estimated by the media to be approximately $500 million USD.

However, Pakistan International Airlines Corporation Limited (PIACL), the country’s state-owned airline, was sold to a private firm on Tuesday. The sale, which is the largest transaction in Pakistani history, was arranged through an Islamabad bidding procedure.

With an offer of 135 billion Pakistani rupees, investment firm Arif Habib won the auction. This sum is about equivalent to 43 billion Indian rupees. As the first significant privatization in nearly two decades, the agreement is significant for Pakistan.

Three businesses participated in the auction: investment firm Arif Habib, private airline Airblue, and Lucky Cement. Each of the three placed sealed bids in a clear box. Habib was the highest bidder when the box was revealed.

Habib bid 115 billion Pakistani rupees, Lucky Cement bid 105.5 billion, and Airblue bid 26.5 billion, according to the bidding details. The airline was eventually acquired by Habib for a total of 135 billion rupees.