The new carrier, Fly Jinnah, will operate as a joint venture between the pair, they said in a statement, adopting the low-cost model operated by Air Arabia.
The statement said the new airline would help Pakistan's travel and tourism sector and contribute to the country's economic growth and job creation.
Prime Minister Imran Khan in a tweet welcomed Air Arabia to Pakistan and wished the group success in establishing the new airline.
"My government is committed to attracting investment in Pakistan's burgeoning travel & tourism sector which offers immense opportunities," he wrote.
Air Arabia operates from Sharjah and Ras Al Khaimah in the United Arab Emirates, and has similar joint ventures in Abu Dhabi, Egypt, Morocco and Armenia. Its shares are listed on the Dubai Financial Market.
The airline has been pushing ahead to expand in the wake of the coronavirus outbreak last year as low-cost carriers bet on a post-pandemic surge in travel.
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