ISLAMABAD: The Pakistan Navy launched its second Hangor-class submarine, PNS/M Shushuk, at a ceremony in Wuhan, China, as part of a strategic initiative to bolster its maritime defense capabilities, according to an official statement on Saturday.
The country’s defense ministry signed an agreement with China Shipbuilding and Offshore International Company during Chinese President Xi Jinping’s visit to Pakistan in 2015 to acquire eight of these submarines. Under the deal, four submarines are being built in China, while the remaining four will be constructed at Karachi Shipyard and Engineering Works under a transfer of technology program.
Equipped with state-of-the-art weapons and sensors, these submarines are expected to enhance Pakistan’s naval capabilities by enabling precision strikes at standoff ranges.
Pakistan’s Vice Chief of the Naval Staff, Ovais Ahmed Bilgrami, attended the ceremony as the chief guest.
“While addressing the ceremony, the Vice Chief of the Naval Staff highlighted the importance of maritime security in the prevailing geo-strategic environment of the region, as well as Pakistan Navy’s commitment to safeguarding national interests and ensuring a safe and conducive maritime environment for all,” the official statement circulated by the Directorate General of Public Relations of Pakistan Navy said.
“He emphasized that Hangor-class submarines, equipped with state-of-the-art weapons and sensors, will play a pivotal role in maintaining the balance of power and maritime order in the region,” it added.
Pakistan’s deal with the Chinese company is expected to enhance its naval defense in the Indian Ocean region by equipping its fleet with stealth-capable submarines designed for low acoustic signatures, making them harder to detect.
These advanced vessels also aim to strengthen the country’s deterrence capabilities while reinforcing Pakistan-China military ties through strategic defense collaboration.
Beyond the Hangor-class project, Pakistan is enhancing its naval capabilities through collaborations with other nations.
In 2018, the country signed a contract with Turkiye for the construction of four MILGEM-class corvettes.
Additionally, a Turkish company was also engaged to upgrade Pakistan’s Agosta 90B-class submarines.
Pakistan Navy launches second Hangor-class submarine in China to boost maritime defense
https://arab.news/68fhg
Pakistan Navy launches second Hangor-class submarine in China to boost maritime defense
- Equipped with advanced weapons and sensors, the submarine will strengthen Pakistan’s deterrence capabilities
- The deal with the Chinese company will get Pakistan six more submarines with technology transfer agreement
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.
