In a surprising development, the federal government has shortlisted four business groups to take part in the PIA privatization process. Among the selected bidders is The City School—an elite private education chain. Their inclusion has sparked serious concerns about the nature of private schooling in Pakistan.
The government plans to offload 51% to 100% shares of the struggling national carrier. This decision is part of its ongoing effort to reform loss-making state entities. The PIA sale is being carried out under the $7 billion bailout programme agreed with the International Monetary Fund (IMF).
The City School is not alone in this effort. It is part of a consortium led by Arif Habib Corp. This group also includes Fatima Fertilizer and Lake City Holdings, a real estate developer. But The City School’s involvement has raised the most eyebrows.
Where did a school system get so much money that it can attempt to buy PIA?
Private schools often claim to serve the cause of education. But now, one of them is aiming to buy a major airline. This strongly suggests that the education sector has become a profit-making business. The question arises—are these institutions truly focused on learning, or are they simply building vast business empires?
The consortium competing with Arif Habib’s group includes Lucky Cement, Hub Power Holdings, Kohat Cement, and Metro Ventures. Another contender is Fauji Fertilizer Company. The fourth group to make the list is Airblue, a private airline.
The Privatisation Minister, Muhammad Ali, confirmed that all four parties have been approved for the PIA ownership transfer process. They are now moving into the buy-side due diligence phase. This process will take around two to two-and-a-half months.
Final bids and negotiations for the national carrier transaction are expected in the last quarter of 2025. If successful, this would mark Pakistan’s first major privatization of PIA in nearly twenty years.
But amid all the technical and financial details, a troubling truth remains.
Institutions meant to teach children are now competing in billion-rupee airline deals. Is the goal still education, or something far more commercial? The Pakistan International Airlines deal may be historic for the government—but it also exposes a bitter reality about the monetization of education in Pakistan.
What message does it send when a school has enough funds to bid for an airline? Who paid for this empire? The answer may lie in the pockets of millions of parents, who trusted these schools with their children and their money.