
A committee led by Pakistan’s Deputy Minister of Finance, Ali Pervaiz Malik, has recommended selling the Roosevelt Hotel in New York via open bidding after Saudi Arabia showed no formal interest in acquiring the PIA-owned property. The committee’s proposal, which aims to end years of uncertainty over the hotel’s future, offers the Privatisation Commission the flexibility to decide whether to sell, develop the property as a joint venture, or lease it for 99 years.
The committee, formed under the leadership of Minister Malik, has worked to assess the legal, financial, and technical aspects of the hotel’s privatization, considering the evolving political landscape in the US. Despite earlier attempts to interest Saudi Arabia, including offers made in October and November 2024, no formal acquisition offers materialized. This lack of foreign interest highlights the hesitancy of foreign governments to invest heavily in Pakistan’s assets.
The Roosevelt Hotel, located in one of the world’s most expensive areas, remains a highly valuable asset, and the decision to pursue open bidding reflects a shift in strategy. While the committee has recommended competitive bidding, the final decision on the privatization method rests with the Privatisation Commission. Additionally, concerns over governance and potential risks—like the hotel’s lease for housing migrants—loom over the process, especially with changes in US policy under the incoming administration. The committee’s cautious approach aims to mitigate these risks while securing a favorable outcome for Pakistan.
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