AirSial, Wizz Air to start flights between Pakistani cities and Abu Dhabi

This file photo, released on January 1, 2025, shows Pakistani aircraft park at the Islamabad International Airport in Islamabad. (Photo courtesy: CAA/File)
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Updated 31 January 2025
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AirSial, Wizz Air to start flights between Pakistani cities and Abu Dhabi

  • AirSial is Pakistani private airline inaugurated in 2020 and flying internationally since 2023
  • Wizz Air Holdings Plc. is Hungarian ultra low-cost carrier group headquartered in Saint Helier

KARACHI: Pakistan and the UAE have reached an agreement to expand flight operations, with Pakistan’s AirSial and Hungry’s Wizz Air set to operate flights between Pakistani cities and Abu Dhabi, a top diplomat said on Friday.

Faisal Niaz Tirmizi, ambassador of Pakistan to the UAE, told Arab News the development was a testament to the “strong and enduring partnership” between Pakistan and the UAE, reinforcing their shared commitment to enhancing connectivity, trade, and people-to-people ties.

“As part of this initiative, Pakistan’s private airline, AirSial, will soon commence operations from three major Pakistani cities to Abu Dhabi, further strengthening our aviation sector and providing greater travel convenience for our citizens and business communities,” Tirmizi said. 

“Additionally, Wizz Air will begin flights between Abu Dhabi and two Pakistani cities, offering more affordable and accessible travel options.”

The envoy said the expansion would significantly benefit travelers, boost trade, tourism and economic exchanges, and deepen Pakistan’s strategic partnership with the UAE. 

“With millions of Pakistanis living and working in the UAE, this agreement reflects our continued efforts to facilitate mobility and strengthen socio-economic ties between the two nations,” Tirmizi said. 

“We appreciate the support of UAE authorities in finalizing this agreement and look forward to welcoming more business, tourism, and investment opportunities as a result of these enhanced air links.”

AirSial is a Pakistani private airline based in Sialkot that was inaugurated in 2020. AirSial had its first domestic flight on Dec. 25, 2020, and started flying internationally, with King Abdulaziz International Airport, Jeddah, as its first destination, on Mar. 29 2023. International operations were extended to Muscat in Oman from June 2023.

Wizz Air Holdings Plc., stylized as W!ZZ, is a Hungarian ultra low-cost carrier group headquartered in Saint Helier, Jersey. The company includes subsidiaries Wizz Air Hungary, Wizz Air Malta, Wizz Air Abu Dhabi, and Wizz Air UK. The airlines serve numerous cities across Europe, as well as some destinations in North Africa, the Middle East, and South and Central Asia. As of 2023, the airline group has its largest bases at Budapest Ferenc Liszt International Airport, Bucharest Henri Coandă International Airport, and London Luton Airport and flies to 194 airports.


Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

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Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

  • Pak-Qatar General Takaful Limited offered 30 million shares to investors with ceiling price of Rs14 per share
  • Company says IPO proceeds will be used for investments in software, infrastructure, setting up new branches

ISLAMABAD: Pakistan’s first non-life Shariah-compliant takaful operator announced on Thursday that its initial public offering (IPO) was oversubscribed 21 times at the country’s stock exchange, saying the development reflected strong investor confidence in the Islamic insurance system. 

The Pak-Qatar General Takaful Limited said earlier this month it would issue 30 million shares with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75 percent of the shares on offer, while the remaining 25 percent will be allocated to retail investors, it added. 

“Pak-Qatar General Takaful Limited’s (PQGTL) IPO book-building has concluded with a historic oversubscription of [21x] times, marking the first-ever IPO of a dedicated General Takaful company at PSX,” the company said in a statement. 

It said investors responded “strongly” as the strike price closed at Rs 14 per share, compared to the floor price of Rs 10. Total demand reached Rs 4.74 billion [$17 million].

The company said successful bidders will be provisionally allotted 22.5 million shares while the remaining 7.5 million shares will be offered to retail investors on Jan. 28-29. 

Shahid Ali Habib, CEO of Arif Habib Ltd., which was the lead manager for the IPO, said that country’s first-ever IPO of any dedicated general takaful company, has made a historic debut at PSX.

Habib said this reflects investor confidence in Pakistan’s fast-growing takaful sector and PQGTL’s strong market position.

The statement further said proceeds from the IPO will be utilized to fund strategic initiatives, such as investments in software and other intangible assets, hardware and infrastructure, marketing and brand development and human resource enhancement. 

Proceeds will also be used to establish new branches and transform existing ones to improve operational efficiency and customer experience, it added. 

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.