ISLAMABAD – Pakistan and the United States have officially launched a strategic economic partnership focusing on the Roosevelt Hotel in New York. The initiative includes collaboration with the US General Services Administration (GSA) for the operation, maintenance, renovation, and redevelopment of the iconic property.
The agreement was facilitated by U.S. Special Envoy Steve Witkoff under the leadership of former President Donald J. Trump, according to a press release. To formalize the cooperation, both governments signed a Memorandum of Understanding (MoU).
The MoU was executed by GSA Administrator Edward C. Forst on behalf of the United States, and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on behalf of Pakistan. The signing ceremony was witnessed by Prime Minister Mian Shehbaz Sharif and U.S. Special Envoy Steve Witkoff.
This framework provides a structured and time-bound approach for jointly evaluating technical, commercial, and economic aspects of the Roosevelt Hotel project. It reflects a shared commitment to transparency, discipline, and mutually beneficial outcomes.
The Roosevelt Hotel, located in Manhattan, faces complex zoning and municipal regulations. Coordinated institutional oversight aims to reduce execution risks, ensure regulatory clarity, and maximize the property’s value. Such frameworks are standard in cross-border real estate and infrastructure collaborations.
Officials noted that the project aligns with Pakistan’s broader privatization strategy while also strengthening bilateral economic ties. The partnership aims to secure maximum value from the Roosevelt Hotel while fostering long-term collaboration between Pakistan and the United States.
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Experts believe this initiative could serve as a model for future international real estate partnerships, combining strategic economic goals with careful regulatory compliance. The Roosevelt Hotel redevelopment is expected to generate significant economic and diplomatic benefits for both countries.
