KARACHI: Pakistan has entered into an agreement with the United States to collaboratively redevelop the historic Roosevelt Hotel in New York, ARY News reported.
A statement from Pakistan’s Ministry of Finance on X (formerly Twitter) announced the launch of a new strategic economic partnership between the two nations. The initiative involves cooperation with the U.S. General Services Administration (GSA) on the management, refurbishment, and redevelopment of the Roosevelt Hotel in Manhattan.
The ministry’s post mentioned that U.S. Special Envoy Steve Witkoff played a key role in negotiating this partnership during the tenure of former President Donald Trump. An official Memorandum of Understanding (MoU) has been signed, with GSA Administrator Edward C. Forst representing the U.S. side, and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb signing for Pakistan. The agreement was witnessed by Prime Minister Mian Shehbaz Sharif and Steve Witkoff.
The MoU outlines a structured, time-sensitive framework to assess the technical, financial, and economic aspects of the project, aiming to mitigate risks, clarify regulations, and maximize the property’s potential. The effort also aligns with Pakistan’s broader privatization objectives and aims to bolster economic relations with the United States.
Pakistan Moves Forward with Roosevelt Hotel Privatization
On January 10, 2026, the Privatisation Commission’s Board, chaired by the Adviser on Privatisation, convened a crucial meeting in Islamabad to review several privatization proposals, including those for the Roosevelt Hotel and the House Building Finance Company Limited (HBFC).
An official statement noted that the board examined the privatization of prominent state-owned assets, with particular focus on HBFC and the Roosevelt Hotel.
The board recommended discontinuing the current negotiated process for selling a 51% stake in HBFC, citing that Pakistan Mortgage Refinance Company was the only bidder throughout the process. The reference price for the sale was Rs13.55 billion, but the submitted bid was only Rs4.2 billion. Given this substantial discrepancy, the board advised restarting the privatization process for HBFC from the beginning.
