Qatar investments ended financing gap in Pakistan: Miftah Ismail

ISLAMABAD: Finance Minister Miftah Ismail said Thursday that the financing gap in Pakistan has ended after Qatari investments in different sectors, ARY News reported.

While talking to ARY News, Miftah Ismail said that Qatar offered $3 billion in investments in Pakistan. Foreign investment from Qatar has ended the financing gap in the country. “IMF [International Monetary Fund] has been informed about the Qatari investments.”

“Qatar shows interest in making investments in Haveli Bahadur Shah and Balloki power plants. Qatar is also willing to make investments at airports. Qatar will make investments at Karachi and Islamabad airports, and solar power projects,” the finance minister added.

READ: ‘PUBLIC-OWNED QATARI COMPANIES TO RUN ISLAMABAD, KARACHI AIRPORTS’

“Qatar would make investments in the freight cargo terminal of Port Qasim. Doha is also willing to make investments in shares of the stock market. Moreover, Qatar is mulling over giving employment to 200,000 Pakistanis,” said Miftah Ismail.

Roosevelt Hotel’s shares

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, sources told ARY News.

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.

READ: PM SHEHBAZ LEAVES FOR PAKISTAN AFTER CONCLUDING QATAR VISIT

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.

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.