The Pakistan Airports Authority (PAA) held a ceremony on Thursday at its headquarters to open the financial bids for outsourcing operations at Islamabad International Airport.
The event marked the unsealing of a financial proposal submitted by the Turkish consortium on October 7. The consortium proposed a concession fee of 47.25 percent of the project scope for the PAA, falling short of the reference percentage set at 56 percent.
The bid will now undergo a detailed review by the International Finance Corporation (IFC), which is serving as the transaction advisor for this project. The IFC is expected to submit its evaluation report to the PAA by January 9, 2025.
The final decision on awarding the concession will depend on a comprehensive review by the PAA Board and subsequent approval by the Federal Cabinet.
Last year, the government failed in its much-publicized attempt to privatize the Pakistan International Airlines (PIA) after the final bidding process attracted just one bid of Rs. 10 billion for a 60 percent stake in the national flag carrier, much below the government-set minimum price of Rs. 85 billion.
The government is also looking to outsource Lahore and Karachi airports.
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