Pakistan is aiming to secure between 4 billion and 5 billion dollars in joint investment to redevelop the Roosevelt Hotel in New York, as the government plans to appoint a financial adviser by early next month to structure the deal.
Muhammad Ali, the prime minister’s adviser on privatization, said the selected adviser will design a redevelopment framework for the Manhattan property, which is considered one of Pakistan’s most valuable overseas assets.
He explained that the government intends to retain ownership of the Roosevelt Hotel while bringing in an investor to arrange financing for reconstruction. The objective, he said, is to generate long-term financial benefits for the country instead of selling the asset outright. The final transaction structure will be determined after recommendations from the financial adviser. He did not provide a timeline for completing the financial close.
When asked about the possibility of signing a memorandum of understanding with the administration of US President Donald Trump, Ali said discussions would depend on the structure proposed by the adviser.
The Roosevelt Hotel, owned by Pakistan International Airlines Investment Ltd., has been the focus of repeated attempts by Islamabad to unlock value from the property, especially as the country deals with fiscal challenges and looks to strengthen its financial position.
Separately, Deputy Prime Minister and Foreign Minister Ishaq Dar said Pakistan is reshaping its foreign policy approach through what he described as tailored cooperation with key partners. He noted that ties with China have strengthened under the second phase of the China-Pakistan Economic Corridor, while relations with the United States are being revived in areas such as trade, technology, and investment.
Dar also said Pakistan is engaging both Washington and Tehran in an effort to reduce tensions between the US and Iran. He confirmed holding several conversations in recent months with US Secretary of State Marco Rubio and Iran’s foreign minister, emphasizing the importance of diplomacy to avoid escalation.
At the same forum, Planning Minister Ahsan Iqbal said Pakistan faces a critical economic decision. He said the country could reach a 600 billion dollar economy by 2035 under its current pace of growth, or aim for a 1 trillion dollar economy if reforms are accelerated. He stressed that improved governance and consistent policies will be key to achieving the higher target.
