The Arif Habib Group has surged into public attention after it secured a controlling 75 percent stake in Pakistan International Airlines, marking one of the country’s biggest privatisation deals in nearly two decades.
For many Pakistanis, the deal has sparked a simple but pressing question: who exactly is behind the group now taking charge of the national flag carrier?
Who owns and runs the Arif Habib Group
Pakistani businessman Arif Habib founded the Arif Habib Group and remains its central figure. The group operates through Arif Habib Corporation Limited (AHCL), its flagship holding company, which is listed on the Pakistan Stock Exchange and has a wide base of public shareholders.
Despite being publicly listed, control rests with the Habib family and a professional management team that has grown with the group over decades. Arif Habib currently serves as the Chief Executive of AHCL, while Asadullah Khawaja holds the position of chairman.
Arif Habib also chairs Pakarab Fertilizers Limited, Fatima Fertilizer Company Limited and Arif Habib DMCC in Dubai. Over the years, he has served as a director on several major boards, including Sui Northern Gas Pipelines Company Limited.
His influence in Pakistan’s financial markets runs deep. He has led the Karachi Stock Exchange as its elected chairman six times and played a founding role at the Central Depository Company of Pakistan. Governments have repeatedly tapped him for roles at the Privatisation Commission, Board of Investment and other key economic bodies.
A group built on finance, industry and partnerships
The Arif Habib Group has steadily expanded beyond its roots in financial services into cement, steel, fertilisers, energy and real estate. Its stated focus centres on long-term investing that supports both financial returns and economic growth.
A defining feature of the group has been its partnerships. Over time, it has worked alongside major names such as Mitsubishi, Metal One, MCB, Fatima Group and Dolmen, helping scale projects that require capital, credibility and execution.
The group describes quality, innovation and community responsibility as core pillars rather than marketing slogans, a theme reflected across its business units.
Key companies under the Arif Habib Group
The group’s portfolio spans several major sectors:
Arif Habib Corporation Limited (AHCL)
The holding company anchors the entire group and oversees investments across finance, cement, fertilisers, steel and energy.
Arif Habib Limited (AHL)
AHL forms the backbone of the group’s financial services arm. AHCL owns around 73 percent of the brokerage and investment banking firm, with the remaining shares held by public investors.
Aisha Steel Mills Limited
One of the group’s major industrial investments, Aisha Steel Mills operates in Pakistan’s steel sector, with Arif Habib serving as chairman.
Power Cement Limited
The group owns Power Cement through its investment entities. Kashif A. Habib leads the company as chief executive, overseeing operations and expansion.
Fatima Fertilizer Company and Pakarab Fertilizers
The Arif Habib Group partners with the Fatima Group in both fertiliser companies. Pakarab was acquired from the government in 2005, while Fatima Fertilizer remains a major listed player on the PSX.
Javedan Corporation Limited
Once a cement business, Javedan transformed into the large-scale real estate project Naya Nazimabad under the group’s leadership.
Sachal Energy Development
A wholly owned subsidiary of AHCL, Sachal Energy focuses on wind power projects in the Jhimpir corridor, supporting Pakistan’s renewable energy push.
Arif Habib Commodities and Consultancy
These arms support commodity trading, advisory services, mergers and acquisitions, and corporate restructuring.
The PIA acquisition that changed everything
The group’s profile rose sharply after it emerged victorious in the auction for Pakistan International Airlines Corporation Limited.
At a ceremony in Islamabad, the Arif Habib consortium submitted a winning bid of Rs135bn after the auction moved into an open round. Lucky Cement and private airline Airblue also entered the bidding process, but Airblue exited early with an offer below the reference price.
The second round saw a direct contest between Lucky Cement and Arif Habib. When Lucky Cement raised its bid to Rs134bn, Arif Habib countered with Rs135bn, sealing the deal and drawing applause from competitors.
The transaction represents Pakistan’s first major privatisation in nearly twenty years and hands operational control of the national airline to one of the country’s most experienced investment groups.
Strong financial performance backs the move
The acquisition comes at a time when Arif Habib Corporation’s financials remain solid. For the six months ending December 31, 2024, AHCL posted a consolidated after-tax profit of Rs5.986bn, up more than 10 percent year-on-year.
On an unconsolidated basis, profits surged to Rs15.15bn. The board has also proposed a 10-for-1 stock split to improve liquidity and widen investor participation.
Meanwhile, Arif Habib Limited continues to play a leading role in Pakistan’s capital markets, including acting as lead manager for high-profile IPOs and joining the RAAST Aggregator platform to enable faster, real-time fund transfers for investors.
With its deep roots in finance, experience in turning around large businesses and a long history of working with the government, the Arif Habib Group now finds itself at the centre of Pakistan’s most closely watched corporate experiment.
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