Pakistan, US Launch Partnership To Redevelop Roosevelt Hotel in New York
Pakistan and the United States have formally launched a strategic economic partnership to redevelop the Roosevelt Hotel in New York, the Finance Division announced Thursday.
The initiative includes collaboration with the US General Services Administration (GSA) regarding the operation, maintenance, renovation and redevelopment of the Roosevelt Hotel in New York, the Finance Division said.
To advance this partnership, both governments have signed a memorandum of understanding (MoU) formalizing their cooperation.
The MoU was executed by GSA Administrator Edward C. Forst on behalf of the United States and Federal Minister for Finance and Revenue Sen. Muhammad Aurangzeb on behalf of Pakistan and was witnessed by Prime Minister Shehbaz Sharif and United States special envoy Steve Witkoff.
It establishes a clear, time-limited framework for joint assessment of the technical, commercial, and economic terms of cooperation, aimed at ensuring transparency, structured decision-making, and concrete outcomes.
The deal provided critical revenue support to the cash-strapped carrier.
Islamabad is now seeking to unlock the property’s full commercial value as part of its broader privatization drive, launched in response to a deepening financial crisis that has forced the government to restructure and privatize its national flag carrier.
The objective remains to secure maximum value for this property in alignment with the government’s privatization strategy while strengthening Pakistan-United States economic ties.
Arshad Mehmood