KARACHI: A new private airline based in Karachi received its Regular Public Transport (RPT) license from Pakistan’s Civil Aviation Authority (CAA) last week, one of its key stakeholders confirmed on Monday, expressing hope the carrier would begin operations soon.

Air Karachi, spearheaded by prominent business leaders from Pakistan’s southern port city, is modeled after the success of Air Sial, another airline launched by industrialists in Sialkot.

The idea, conceived amid growing challenges faced by the country’s national carrier Pakistan International Airlines (PIA), is to develop a business-backed airline that can operate with efficiency and financial autonomy.

“Yes, we got the license from CAA,” Hanif Gohar, one of the airline’s shareholders, told Arab News. “We are looking for aircraft and will start with three aircraft soon.”

Gohar said Air Karachi was issued the RPT license by the CAA on June 5.

According to a copy of the approval letter seen by Arab News, the airline has been directed to deposit a license issuance fee of Rs500,000 ($1,750) and a security deposit of Rs100 million ($350,000). It must also raise its paid-up capital to

Rs600 million ($2.1 million) before commencing operations, in line with the National Aviation Policy 2023.

Air Karachi has been registered with the Securities and Exchange Commission of Pakistan and plans to raise Rs5 billion ($17.5 million) by pooling Rs50 million ($175,000) from each of its 100 shareholders.

Last year, Gohar told Arab News the response from Karachi’s business community was so overwhelming that some families proposed contributing as multiple shareholders.

He informed that aviation veteran Air Vice Marshal (r) Imran Qadir had been appointed chief operating officer of the airline, supported by a team of retired Pakistan Air Force officials.

Once operational, Air Karachi will begin domestic flights with three aircraft and later expand its fleet to seven before launching international flights to the Middle East after the mandatory one-year domestic run.