KARACHI: Pakistan’s privatization board on Friday reviewed various options to sell off the Roosevelt Hotel in New York, a long-held property of Pakistan International Airlines (PIA), as part of ongoing efforts to divest loss-making state assets under an International Monetary Fund-backed reform agenda.
The 19-story Roosevelt Hotel, located in midtown Manhattan, has been closed since 2020 and is owned by the Roosevelt Hotel Corporation, a subsidiary of PIA. Its fate has been under discussion for years amid attempts to generate funds from the government’s assets.
The Privatization Commission mentioned its deliberations in a statement, saying that it discussed various transaction options developed by its financial adviser — a consortium led by Jones Lang LaSalle Americas Inc. (JLL) — and finalized recommendations to be presented to the Cabinet Committee on Privatization (CCOP).
“Various transaction structure options developed by the Financial Adviser ... for privatization of Roosevelt Hotel Corporation (RHC), New York were discussed,” the statement read.
However, it did not divulge further details.
The Roosevelt Hotel is one of the assets included in the first phase of Pakistan’s privatization roadmap, which also features the sale of national flag carrier PIA and Zarai Taraqiati Bank (ZTBL). The government aims to complete these transactions within a year.
Pakistan is working to privatise several state-owned enterprises as part of structural reforms under a $7 billion loan program with the IMF. Many of these entities, including PIA, have long struggled with debt, mismanagement and operational inefficiencies.
The Roosevelt Hotel was earlier used to house asylum seekers under a temporary agreement with New York City but remains a financial burden on PIA, which is itself undergoing a separate privatization process. The government is seeking to sell a 51-100 percent stake in the airline and will invite expressions of interest next week.
Pakistan reviews privatization options for New York’s Roosevelt Hotel
https://arab.news/grs6t
Pakistan reviews privatization options for New York’s Roosevelt Hotel
- Roosevelt Hotel is a long-held asset of PIA, which itself is undergoing a separate privatization process
- The hotel’s privatization is part of IMF-backed reforms to divest loss-making state-owned enterprises
Saudi Arabia, Pakistan discuss green initiatives, climate cooperation in Riyadh
- Pakistan seeks Saudi support for desert reclamation, afforestation and carbon-offset projects as climate risks intensify
- Both countries signed an MoU in 2022 covering environmental areas ranging from biodiversity to air-quality monitoring
ISLAMABAD: Saudi Arabia and Pakistan on Tuesday discussed enhancing cooperation on environmental and climate action, with a particular focus on the Kingdom’s Saudi Green Initiative and the Middle East Green Initiative, during talks between senior officials in Riyadh.
Saudi Minister of State for Foreign Affairs Adel Al-Jubeir met Pakistan’s Federal Minister for Climate Change and Environmental Coordination Musadik Masood Malik, as the two sides reviewed avenues for collaboration on climate change and related international efforts, according to an official statement released in Riyadh.
The Saudi Green Initiative is the Kingdom’s national climate program aimed at cutting emissions, expanding renewable energy and planting billions of trees, while the Middle East Green Initiative, launched in 2021, seeks to coordinate regional action on climate change, including large-scale afforestation and land restoration across the Middle East and North Africa.
Malik told Arab News in an interview in July his ministry was seeking Saudi Arabia’s support for comprehensive climate projects, including desert reclamation, afforestation and carbon-offset initiatives, as Islamabad grapples with worsening climate-related challenges.
“Minister of State for Foreign Affairs, Member of the Council of Ministers, and Envoy for Climate H.E. @AdelAljubeir received Pakistan’s Federal Minister for Climate Change and Environmental Coordination, Dr. Musadik Masood Malik,” the Saudi foreign ministry said in a social media post.
“During the meeting, the two sides discussed avenues for cooperation in environmental and climate change,” it added. “They also reviewed the Kingdom’s initiatives in this regard, particularly the Saudi Green Initiative and the Middle East Green Initiative, as well as international efforts addressed in this regard.”
Pakistan has about 4.2 million hectares of forest and planted trees — roughly 4.8 percent of its land area — according to the United Nations’ Food and Agriculture Organization, and is focusing on combating desertification through afforestation, water management and sustainable agricultural practices.
Saudi Arabia, meanwhile, has positioned itself as a leading player in global climate diplomacy.
Pakistan, one of the world’s most climate-vulnerable nations, signed a memorandum of understanding with the Kingdom in 2022 to cooperate in nine environmental areas, including pollution control, nature protection, forestry, biodiversity, desertification, hazardous waste management, marine conservation, air-quality monitoring and environmental training exchanges.
Malik is currently visiting Riyadh to attend the 11th Global Forum of the United Nations Alliance of Civilizations (UNAOC), a UN platform that promotes dialogue, tolerance and interfaith harmony.
Pakistan’s embassy said he reaffirmed Islamabad’s commitment to countering intolerance and racism and reiterated support for UNAOC initiatives while addressing the forum.
