Pakistan has launched plans to attract between $4 billion and $5 billion in joint investment to redevelop the iconic Roosevelt Hotel in midtown Manhattan, a senior official said Thursday, marking a significant step in unlocking value from one of the country’s most valuable overseas assets.
Government to Appoint Adviser and Retain Asset Ownership
Pakistan’s adviser on privatization, Muhammad Ali, told reporters that Islamabad expects to appoint a financial adviser by early March to design the deal structure and guide negotiations with potential investors. Under the proposed model, Pakistan will retain ownership of the Manhattan property while a private partner brings in financing for reconstruction. The government hopes this approach will generate sustained long-term gains rather than selling the hotel outright.
Ali emphasized that the adviser will identify the optimal structure for a joint investment and facilitate talks with interested parties, although he did not provide a schedule for finalizing deals. This effort aligns with Pakistan’s broader strategy to monetize state assets to ease pressure on public finances.
Foreign Policy and Economic Context
Meanwhile, Deputy Prime Minister and Foreign Minister Ishaq Dar said Pakistan is strengthening ties with key partners to support economic growth. He noted that relations with China have deepened under the China‑Pakistan Economic Corridor Phase II and engagements with the United States have expanded in trade, technology and investment. Dar also reiterated Pakistan’s commitment to diplomacy in regional tensions, including between Washington and Tehran.
At the Pakistan Governance Forum 2026, Planning Minister Ahsan Iqbal highlighted the country’s economic crossroads: Pakistan can either achieve a $600 billion economy by 2035 on its current path or accelerate reforms to reach a $1 trillion economy. He underscored that leadership, policy continuity and governance reforms will determine which trajectory the nation follows.
