Pakistan, US launch strategic economic initiative for Roosevelt Hotel redevelopment

KARACHI: Pakistan has signed an agreement with the United States to jointly redevelop the Roosevelt Hotel in New York, ARY News reported.

According to a post by Pakistan’s Ministry of Finance on X (formerly Twitter), the governments of Pakistan and the United States have officially launched a strategic economic initiative. The collaboration includes work with the U.S. General Services Administration (GSA) on the operation, maintenance, renovation, and redevelopment of New York’s Roosevelt Hotel.

The tweet noted that U.S. Special Envoy Steve Witkoff negotiated the engagement under former President Donald Trump’s leadership. A Memorandum of Understanding (MoU) has been signed, executed by GSA Administrator Edward C. Forst for the U.S. and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb for Pakistan, and witnessed by Prime Minister Mian Shehbaz Sharif and Steve Witkoff.

The Ministry emphasized that the MoU establishes a structured, time-bound framework to evaluate technical, commercial, and economic aspects of the project, aiming to reduce risks, enhance regulatory clarity, and maximize the property’s value. The tweet further highlighted that the initiative aligns with Pakistan’s privatization strategy and seeks to strengthen economic ties with the United States.

Pakistan Opens Roosevelt Hotel Privatisation

On January 10, 2026, the Privatisation Commission Board, chaired by the Adviser on Privatisation, held an important meeting in Islamabad to review and take key decisions on several major privatisation transactions, including the House Building Finance Company Limited (HBFC) and the Roosevelt Hotel.

According to an official statement, the board reviewed the privatisation of key state-owned assets, with detailed discussions on House Building Finance Company Limited (HBFC) and the Roosevelt Hotel.

The board recommended terminating the ongoing negotiated process for the privatisation of a 51 percent shareholding in HBFC, noting that Pakistan Mortgage Refinance Company remained the sole bidder throughout the process.

It was observed that against an approved reference price of Rs13.55 billion, a bid of only Rs4.2 billion was submitted. In view of the significant gap, the board advised that the privatisation process for HBFC should be restarted from scratch.