Roosevelt Hotel redevelopment agreement signed between Pakistan and US

The Roosevelt Hotel redevelopment agreement has been officially signed between Pakistan and the United States to renovate and improve the historic property in New York. This move aims to protect Pakistan’s asset and increase its value through joint cooperation.

Both countries signed a Memorandum of Understanding (MoU) to begin work on the project. The agreement focuses on operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel.

The MoU was signed by Finance Minister Senator Muhammad Aurangzeb for Pakistan. Edward C. Forst signed on behalf of the United States General Services Administration. Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff witnessed the signing ceremony.

The Roosevelt Hotel redevelopment agreement creates a clear plan for both sides. It includes a structured and time-bound process to review technical, commercial, and financial aspects of the project.

Officials said the hotel’s location in Manhattan makes it a valuable property. However, redevelopment in New York requires careful coordination due to strict zoning and legal requirements.

Through this Roosevelt Hotel redevelopment agreement, both governments want to reduce risks and ensure smooth progress. The goal is to achieve maximum value from the property under Pakistan’s privatisation plan.

Authorities also said the agreement reflects growing economic cooperation between Pakistan and the United States. It is expected to support future investment opportunities and strengthen bilateral relations.

The Roosevelt Hotel is owned by Pakistan International Airlines. The government hopes its redevelopment will bring financial benefits and improve the value of national assets.