KARACHI: Pakistan has signed an settlement with the US to collectively redevelop the Roosevelt Resort in New York, ARY Information reported.
In accordance with a put up by Pakistan’s Ministry of Finance on X (previously Twitter), the governments of Pakistan and the US have formally launched a strategic financial initiative. The collaboration consists of work with the US Basic Providers Administration (GSA) on the operation, upkeep, renovation, and redevelopment of New York’s Roosevelt Resort.
The tweet famous that US Particular Envoy Steve Witkoff negotiated the engagement underneath former President Donald Trump’s management. A Memorandum of Understanding (MoU) has been signed, executed by GSA Administrator Edward C. Forst for the US and Federal Minister for Finance and Income Senator Muhammad Aurangzeb for Pakistan, and witnessed by Prime Minister Mian Shehbaz Sharif and Steve Witkoff.
The Ministry emphasised that the MoU establishes a structured, time-bound framework to judge technical, industrial, and financial features of the mission, aiming to cut back dangers, improve regulatory readability, and maximize the property’s worth. The tweet additional highlighted that the initiative aligns with Pakistan’s privatization technique and seeks to strengthen financial ties with the US.
Pakistan Opens Roosevelt Resort Privatization
On January 10, 2026, the Privatization Fee Board, chaired by the Adviser on Privatization, held an essential assembly in Islamabad to overview and take key choices on a number of main privatization transactions, together with the Home Constructing Finance Firm Restricted (HBFC) and the Roosevelt Resort.
In accordance with an official assertion, the board reviewed the privatization of key state-owned property, with detailed discussions on Home Constructing Finance Firm Restricted (HBFC) and the Roosevelt Resort.
The board beneficial terminating the continued negotiated course of for the privatization of a 51 % shareholding in HBFC, noting that Pakistan Mortgage Refinance Firm remained the only real bidder all through the method.
It was noticed that in opposition to an authorized reference value of Rs13.55 billion, a bid of solely Rs4.2 billion was submitted. In view of the numerous hole, the board suggested that the privatization course of for HBFC needs to be restarted from scratch.
