Foreign ownership is limited to 49% in air freight and passenger transport.
"Art. 3. - A civil aircraft can only circulate if it is registered.
Art. 4. - A civil aircraft can only be registered in Tunisia if it belongs for at least 51% to a Tunisian person or natural or legal persons.
The Minister in charge of Civil Aviation may authorize, on an exceptional basis, the registration of aircraft which do not meet this condition.
[...]
Art. 72. - Aircraft of Tunisian nationality may circulate freely in Tunisian airspace within the limits of the provisions of this code.
Aircraft of foreign nationality may only circulate over Tunisian territory if this right is granted to them by a diplomatic arrangement, or if they receive for this purpose an authorization from the Minister in charge of Civil Aviation for civil aircraft, and the Minister of National Defense for State aircraft. This authorization must be special and temporary.
[...]
Art. 106. - The exercise of an air transport activity is subject to an air operator license issued by order of the Minister responsible for Civil Aviation following an administrative inquiry and after consulting the National Council for Civil Aviation.
[...]
Art. 139. - Natural or legal persons of foreign nationality may exercise civil aviation activities on Tunisian territory when they are authorized to do so by virtue of international conventions or agreements in force and this, subject to reciprocity.
In the absence of such conventions or agreements, the exercise of these activities by natural or legal persons of foreign nationality is subject to the legislation in force governing the investments and participation of foreigners.[...]" (Law on Air Navigation (n°  59-76  of  19  June  1959), last amended by Law n° 2009-25 of 11 May 2009, Articles 3, 4, 72, 106 and 139 [google translation])
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"[...] Only natural or legal persons of Tunisian nationality, fulfilling the conditions of these specifications, can obtain the authorization to operate air freight transport. [...]
IV - Share capital
The share capital must be greater than or equal to 1.8 million dinars.
The participation of natural or legal persons of foreign nationality is limited to 49% of the share capital.[...]" (Executive  Order  of  the Minister  of  Transport  containing  general  requirements  (cahier  des charges) for the granting of authorisation to operate air freight services (4  May  1996) [google translation])
Law on Air Navigation (n°  59-76  of  19  June  1959), last amended by Law n° 2009-25 of 11 May 2009, Articles 3, 4, 72, 106 and 139
Executive  Order  of  the Minister  of  Transport  containing  general  requirements  (cahier  des charges) for the granting of authorisation to operate air freight services (4  May  1996)
[<a href="https://www.pist.tn/record/111892?ln=fr">Law</a>],[<a href="https://www.pist.tn/record/60879?ln=fr">Order</a>]