Uzbekistan to Put Humo Air Back Up for Sale

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan plans to sell a 100% state stake in Humo Air again. The airline has been included in a list of state assets to be sold through public auctions in 2026–2027, according to a presidential decree dated 28 August.

Humo Air was already privatized in late 2022, when Swiss investment company ValleyRoad Capital S. A. acquired 100% of the airline for 27.2 billion soums, or US$2.4 million. The new decree does not specify when or on what grounds the airline returned to state ownership.

Humo Air was established in January 2020 on the basis of the state-owned Special Aviation Works Airline.

The carrier was provided with 43 An-2 aircraft to operate short domestic flights as a more affordable alternative to Uzbekistan Airways.

In December 2021, Humo Air began operating twice-weekly flights on the Ferghana–Sokh–Ferghana route.

Following privatization, ValleyRoad Capital S. A. assumed a number of commitments to develop the airline. In particular, the investor was required to acquire 18 aircraft by 2026, including three aircraft by the end of the second quarter of 2023.

The initial plan was for the first three aircraft to be delivered and regular low-cost flights to begin by the end of June 2023. However, aircraft deliveries were delayed, and passenger services began only in December.

At the initial stage, Humo Air operated flights from Tashkent to Nukus, Samarkand, Urgench and Karshi. In January 2024, its route network expanded with flights between Samarkand and Urgench, as well as flights from Tashkent to Ferghana.

At that time, the airline’s fleet consisted of two Airbus A320-200 aircraft leased from Bulgarian company Fly2Sky.

At the end of February 2024, Humo Air announced the temporary suspension of all flights from 10 March for a “reset” and preparations to launch international routes.

In early March, the airline reached an agreement with Fly2Sky to return both Airbus A320 aircraft. Humo Air said the terms of its existing lease agreement did not allow it to develop in line with its business plan. One aircraft was returned to the lessor on 2 March, while the second was scheduled to complete its flights by 10 March.

The airline then expected to receive aircraft from a new lessor in April and resume regular services afterward. The main focus was planned to be on international routes while maintaining domestic services. Proposed international destinations included Almaty, Istanbul and Dubai.

Humo Air also announced plans to operate 1,000 flights in the near term and carry more than 200,000 passengers.

Thus, the new decree provides for the sale of 100% of Humo Air in 2026–2027. However, the document does not disclose the reasons for the airline’s return to state ownership after its privatization in 2022.