ISLAMABAD: Pakistan Railways has announced a 25 percent reduction in fares ahead of Eid Al-Adha, state broadcaster Radio Pakistan reported on Tuesday, announcing a special package for commuters wanting to travel home for the annual religious holiday.
Following the commencement of Dhu Al-Hijjah, the twelfth month of the Islamic lunar calendar, from June 8, Eid Al-Adha will be celebrated in Pakistan on June 17. The government usually announces a three-day holiday on the occasion for which people usually travel to their hometowns from the cities and towns where they live and work.
“Pakistan Railways has announced a 25 percent reduction in the fares as a special package for the commuters on the occasion of Eid Al-Adha,” Radio Pakistan said on Tuesday, adding that the discount would be available on all types of trains and classes but not on Eid special trains.
Pakistan Railways habitually facilitates the public during religious festivities. In April, four special trains were operated to facilitate passengers on Eid Al-Fitr.
Pakistan Railways reduces fares by 25% for Eid Al-Adha commuters
https://arab.news/m7mkf
Pakistan Railways reduces fares by 25% for Eid Al-Adha commuters
- Discounts to be available on all types of trains, classes
- Fare reduction “not applicable” on Eid special trains
Pakistan plans up to $5 billion joint venture to redevelop Roosevelt Hotel in New York
- The hotel, a century-old Manhattan property owned by Pakistan International Airlines, has been closed since 2020
- The PM’s privatization adviser says the plan will boost the value of Pakistan’s stake even as its ownership share falls
KARACHI: Pakistan plans to redevelop its Roosevelt Hotel in New York into a high-rise building through a joint venture (JV) that could involve up to $5 billion in equity and debt financing, Prime Minister Shehbaz Sharif’s aide on privatization Muhammad Ali told Arab News on Friday.
The hotel, a century-old Manhattan property near Grand Central Terminal and Times Square, is one of Pakistan’s most valuable overseas assets and is owned by the state through Pakistan International Airlines.
Closed since 2020 due to losses, the hotel has been under review for years as successive governments have weighed whether to sell, lease or redevelop it while pursuing state-owned enterprise reforms linked to International Monetary Fund bailouts.
“The redevelopment project would require up to $5 billion equity and debt capital,” said Ali, who also chairs the Privatization Commission of Pakistan.
Ali said the government had decided against an outright sale of the property after a detailed study conducted last year showed the site could support a significantly larger structure, potentially rising to 60 stories.
“The redevelopment under the JV privatization model is expected to increase value of the property and thus Pakistan’s stake by more than 200 percent [in terms of value],” he continued.
Under the proposed joint venture structure, the government would contribute the land while a private partner would inject equity, with the remaining financing raised through debt, Ali said
He added that that while Pakistan’s economic interest in the project would rise, its ownership share would be reduced to about 50 percent once the transaction is completed.
He said a range of international players, including commercial banks and technology firms, had expressed interest in developing their own premises at the site, though he declined to identify potential partners.
Ownership of the hotel was recently transferred to PIA Holding Company Limited, the parent company of Pakistan International Airlines Corporation Limited, which the government privatized last month, with the airline now owned by a consortium led by the Arif Habib Group.
ADVISER RESIGNATION
Pakistan’s plans for the Roosevelt Hotel have faced repeated delays in recent years as authorities weighed competing options, including demolition, amid shifts in government policy.
On Dec. 24, a day after the PIA privatization, Defense Minister Khawaja Asif said the government was working on structuring a transaction for the New York property.
Meanwhile, a privatization ministry official said on condition of anonymity that the country’s financial adviser for the hotel’s sale, Jones Lang LaSalle Americas Inc. (JLL), has resigned due to a “conflict of interest.”
The official said JLL stepped down after the transaction structure was approved by the federal cabinet and the Competition Commission of Pakistan in July.
“The Privatization Commission will finalize the new adviser in the next four to six weeks,” he said, adding that expressions of interest will be issued after the new appointment is made.
Asked about the development, Ali said the new adviser would engage with potential joint venture partners on behalf of the government.
