Gulf airlines have evaded commenting on reports that they are looking to purchase ailing Pakistan International Airlines (PIA), according to a report.

Pakistan’s Minister of State for Privatisation, Mohammad Zubair, recently told Reuters, that Emirates, Etihad Airways and Qatar Airways could be possible suitors to buy-up the state-owned airline, said the Gulf News report.

Emirates was the only airline that dismissed the reports by saying it is not interested in purchasing the airline, it said.

“Emirates has no plans to acquires stakes in other airlines. We remain focused on our own organic growth,” an airline spokesperson was quoted as saying.

However, an Etihad spokesperson said: “It is our policy not to comment on rumours or speculation. If or when we do make further investments, we will announce them in line with regulatory and commercial requirements.”

Etihad has splurged on buying up stakes in eight airlines from as far as Australia to Ireland and has adopted the strategy of buying shares in ailing airlines that it believes it can turn around, while also giving itself a footprint into source markets.

Zubair said financial advisers were in talks with airlines to take over the Pakistan national carrier, which has 17,000 employees and 36 aircraft, of which ten are currently grounded due to a lack of spare parts.

“It’s going to be the most difficult sale,” he added.