ISLAMABADL The deadline for submitting bids for the outsourcing of Islamabad Airport has been extended to October 7.
The extension follows a recent Steering Committee meeting chaired by Ishaq Dar, where the International Finance Corporation provided an update on the progress of the project.
During the meeting, committee members engaged in a detailed discussion regarding the roles and responsibilities involved in the bidding process. The extension aims to allow potential bidders more time to prepare and submit their proposals, ensuring a comprehensive and competitive selection process.
The privatisation of Islamabad Airport is part of a broader strategy by the Pakistani government to enhance operational efficiency and service quality at major airports. Outsourcing aims to leverage private sector expertise and investment to modernize airport facilities and improve overall performance. The move is expected to attract international interest and investment, contributing to the airport’s development and management.
In addition to the airport outsourcing, other significant developments have occurred in the realm of privatisation. The Privatisation Commission Board recently recommended a joint venture as the optimal transaction structure for the Roosevelt Hotel in New York, owned by Pakistan International Airlines (PIA). This recommendation aligns with a Transaction Structure Report submitted by Jones Lang LaSalle Americas, Inc. (JLL), the Financial Advisory Consortium appointed for the transaction.
The board’s recommendation follows an analysis by JLL, which considered various options such as outright sale, joint venture, and long-term lease. A joint venture was deemed the most suitable structure to maximize proceeds and value for the government of Pakistan. The Privatisation Commission’s goal is to optimize the return on assets and enhance their strategic value.
Minister for Privatisation Abdul Aleem Khan commended JLL for its thorough report and expressed hope for a successful outcome in the Roosevelt Hotel transaction. The board also approved the appointment of financial advisers for various privatisation efforts, including those for PIA and electricity distribution companies (Discos).
Furthermore, State Bank of Pakistan (SBP) Governor Jameel Ahmed has announced that the central bank is exploring the introduction of plastic currency. Ahmed reported to the Senate Standing Committee on Finance and Revenue that experiments with polymer banknotes are underway. The new plastic notes are intended to offer greater durability and security compared to traditional paper currency. If successful, they could be introduced by the end of the year.
These initiatives reflect ongoing efforts to improve infrastructure and financial systems in Pakistan, with the aim of fostering economic growth and enhancing public services.