ISLAMABAD – Lakson Group, one of Pakistan's leading business conglomerates, and Sharjah-based Air Arabia Group on Friday announced their decision to form of a joint venture to launch “Fly Jinnah”, Pakistan’s new airline.
The proposed joint venture will see the establishment of a low-cost passenger airline serving domestic and international routes from Pakistan.
“Fly Jinnah” will serve the strategic vision of Pakistan’s travel and tourism sector and contribute to the country’s economic growth and job creation, while providing Pakistanis with reliable and value for money air travel, the Air Arabia said in a press release.
Iqbal Ali Lakhani, Chairman of Lakson Group, said: “We are excited to partner with Air Arabia in launching Pakistan’s new low-cost carrier. ‘Fly Jinnah’ will serve Pakistan’s travel and tourism sector and will play a constructive role in contributing to the nation’s economic growth.”
Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia, said: “We are delighted at Air Arabia Group to partner with Lakson Group on this joint venture to launch Pakistan’s new low-cost carrier. We are confident that ‘Fly Jinnah’ will add value to the air transport sector of Pakistan and directly contribute to the local economy through job creation and the development of travel and tourism sector”.
Fly Jinnah will initially be based in Karachi serving a range of domestic routes across Pakistan and then will expand its route network internationally.
The new carrier will follow the low-cost business model and provide its customer base with a reliable operation and value-driven product.
Work on securing the Air Operating Certificate (AOC) - which allows the airline to start operating - will commence shortly. The launch date, fleet, and destination network will be announced later.
According to IATA, the air transport industry, including airlines and its supply chain along with the tourism spend are estimated to support US$3.3 billion of GDP in Pakistan. In total, 1 percent of the country’s GDP is supported by inputs to the air transport sector and foreign tourists arriving by air.
Pakistani rupee remained stable against US dollar, and other currencies in the open market amid strong economic cues.
On Sunday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.
Euro moves down to 309.9 for buying and 310.5 for selling. British Pound rate stands at 359.4 for buying, and 360.05 for selling.
UAE Dirham AED also moved down to 77.45 whereas the Saudi Riyal drops to 75.82.
|UK Pound Sterling||GBP||359.4||360.05|
|Hong Kong Dollar||HKD||36.38||36.48|
|New Zealand Dollar||NZD||173.44||175.44|
The price of gold increased by thousands of rupees due to an upward trend in the international market.
On Sunday, the price of a single tola of 24-karat gold stands at Rs219,800 and 10 grams of 24k gold costs Rs188,450.
Meanwhile, single tola of 22 Karat gold costs Rs201,482, 21 karat rate costs Rs192,325 and 18k gold rate is Rs164,850.
Globally, gold prices hover at around $2072, gaining $32 on Sunday.
|Lahore||PKR 219,800||PKR 2,730|
|Karachi||PKR 219,800||PKR 2,730|
|Islamabad||PKR 219,800||PKR 2,730|
|Peshawar||PKR 219,800||PKR 2,730|
|Quetta||PKR 219,800||PKR 2,730|
|Sialkot||PKR 219,800||PKR 2,730|
|Attock||PKR 219,800||PKR 2,730|
|Gujranwala||PKR 219,800||PKR 2,730|
|Jehlum||PKR 219,800||PKR 2,730|
|Multan||PKR 219,800||PKR 2,730|
|Bahawalpur||PKR 219,800||PKR 2,730|
|Gujrat||PKR 219,800||PKR 2,730|
|Nawabshah||PKR 219,800||PKR 2,730|
|Chakwal||PKR 219,800||PKR 2,730|
|Hyderabad||PKR 219,800||PKR 2,730|
|Nowshehra||PKR 219,800||PKR 2,730|
|Sargodha||PKR 219,800||PKR 2,730|
|Faisalabad||PKR 219,800||PKR 2,730|
|Mirpur||PKR 219,800||PKR 2,730|