KARACHI: Pakistan has signed an agreement with the United States to jointly redevelop the Roosevelt Hotel in New York, according to Pakithub.net.
In a post on X (formerly Twitter), Pakistan’s Ministry of Finance stated that “the governments of Pakistan and the United States have formally launched a strategic economic initiative. This partnership includes collaboration with the U.S. General Services Administration (GSA) on the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in New York.”
The tweet continued: “The engagement was negotiated by U.S. Special Envoy Steve Witkoff during the tenure of former President Donald Trump. A Memorandum of Understanding (MoU) has been signed, which has been executed by GSA Administrator Edward C. Forst on behalf of the U.S. government and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on behalf of the Government of Pakistan, and attested by Prime Minister Mian Shehbaz Sharif and Steve Witkoff.”
The tweet went on to say: “The engagement was facilitated by U.S. Special Envoy Steve Witkoff during the term of former President Donald Trump. A Memorandum of Understanding (MoU) has been signed, which has been executed by GSA Administrator Edward C. Forst on behalf of the U.S. government and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on behalf of the Government of Pakistan, and attested by Prime Minister Mian Shehbaz Sharif and Steve Witkoff.” and Steve Witkoff.
Pakistan: Roosevelt Hotel Privatisation
The Privatisation Commission Board, led by the Adviser on Privatisation, held a very significant meeting on January 10, 2026, in Islamabad to discuss and make crucial decisions on a number of major privatisation deals, including the House Building Finance Company Limited (HBFC) and the Roosevelt Hotel.
According to an official press release, the board discussed the privatisation of major state-owned properties, with a focus on the House Building Finance Company Limited (HBFC) and the Roosevelt Hotel.
The board made a recommendation to end the ongoing negotiated sale process for the privatisation of a 51 percent stake in HBFC, as Pakistan Mortgage Refinance Company had been the only bidder in the entire process.
It was noted that the bid of Rs4.2 billion was received against an approved reference price of Rs13.55 billion. Given the huge difference, the board recommended that the privatisation of HBFC should be started afresh.