Pakistan expected to sell shares of Roosevelt Hotel to Qatar

Pakistan is expected to sell shares of the Roosevelt Hotel in New York’s Manhattan to Qatar in return for the Doha investment in the aviation sector, citing sources, ARY News reported on Wednesday.

During Prime Minister Shehbaz Sharif’s visit to Qatar, a massive investment is likely to be made in Pakistan’s aviation sector by Doha. Sources said that Qatar expressed interest in making investments in the airport and hotel sectors.

It was learnt that the federal government will hand over administrative affairs of Islamabad International Airport to Qatar, whereas, a Qatari company will provide the relevant services of the airport’s terminal and cargo.

Sources said that the Qatari government will be given shares of the Roosevelt Hotel in New York’s Manhattan financial centre in return for the investment. The investment will be received through state-to-state agreements between Pakistan and Qatar.

$3 billion investments

Earlier in the day, it emerged that Qatar has agreed to make investments of up to $3 billion in Pakistan as Prime Minister Shehbaz Sharif is currently in the country to cement bilateral ties between the two countries.

Sources closer to Finance Ministry revealed that Qatar will be making immediate investments in multiple sectors in Pakistan.

READ: NAB BEGINS INVESTIGATION INTO ROOSEVELT HOTEL CLOSURE

“The Qatari officials have shown their interest in making investments at Karachi and Islamabad airports,” they said, adding that the Qatari investment authority will ensure bringing investments in the least possible time.

Plan for Qatari investment

Prior to PM Sharif’s Doha visit, the federal authorities prepared a plan to bring Qatari investments to Islamabad airport and Roosevelt hotel in the United States to Qatar.

It was told on August 17 that Qatar may get managerial control to run the Islamabad International Airport while the Pakistan Civil Aviation Authority (PCAA) had vetted the financial, legal and commercial sections of the plan.

READ: PIA’S ICONIC ROOSEVELT HOTEL NOT TO BE SOLD: MINISTER

The shares and managerial control of the Roosevelt Hotel in the US are also likely to go into the hands of Qatari authorities, it was learnt.

Roosevelt Hotel

The Roosevelt Hotel, established in 1924, is among the historic hotels in the United States and is situated in the luxurious downtown area of Manhattan.

PIA had acquired the 19-storey building in 1979 on the partnership, from its own profits and as a part of PIA’s diversification strategy.

In October 2020, PIA-owned Roosevelt Hotel in New York had announced to permanently close its doors after nine decades due to massive financial losses.