Pakistan seeks $4-5bn joint investment to redevelop Roosevelt Hotel

• Adviser will make transaction structure for hotel redevelopment.
• PM's aide says govt to retain ownership under proposed model.
• "Govt seeks long-term benefits rather than selling high-value asset".

ISLAMABAD: Pakistan is moving forward to secure between $4 billion and $5 billion in joint investment for the redevelopment of the Roosevelt Hotel in New York, with the government expected to appoint a financial adviser by the first week of next month, The News reported.

When asked about the possibility of signing a memorandum of understanding (MoU) with the Donald Trump administration, Adviser to the Prime Minister on Privatisation Muhammad Ali said the government’s financial adviser would develop a transaction structure for redevelopment of the Roosevelt Hotel in New York.

Speaking to reporters at the Pakistan Governance Forum (PGF), organised by the Ministry of Planning on Wednesday, he explained that under the proposed model, the government would retain ownership of the property, while an interested party would arrange financing for construction. The objective, he added, is to generate long-term benefits for the country rather than sell the high-value asset outright.

Deputy Prime Minister and Foreign Minister Ishaq Dar said that Pakistan responded to the newly evolving architecture on relationship among the countries based on tailored cooperation with our partner countries. This approach has been utilised for holding a relationship with our partners as with China, our partnership deepened under CPEC-II. Simultaneously, Pakistan reinvigorated its relations with the USA and advanced relations in trade, technology, investment and regional stability. This collaborated approach ensures that our national interest is served without compromising our core foreign policy principles.

Talking about escalating tension between US and Iran, he said that Pakistan as a key stakeholder and brotherly country was committed to playing a constructive role to defuse the tension through highest-level diplomacy and consistent engagement with Iranian authorities. He said that he had personally spoken to US Secretary Rubio and Iranian foreign minister on numerous occasions in recent months advocating diplomacy, dialogue, flexibility as imperative of compromised diplomatic solutions. “We will continue to work with parties concerned to promote peaceful settlement of issues and strengthen regional peace and security.”

Addressing the Pakistan Governance Forum 2026, Federal Minister for Planning Ahsan Iqbal stated that Pakistan has a clear choice: to become a $600 billion economy by 2035 or to transform into a $1 trillion economy. He stressed that this decision depends on the capability of leadership and effectiveness of governance.

He stated that if Pakistan continues to grow at its traditional pace, the economy will reach $600 billion by 2035. However, with national cohesion, positive synergy and accelerated reforms, Pakistan can achieve the milestone of a $1 trillion economy.