Pakistan and the United States have signed a MoU to jointly collaborate on the redevelopment of the Roosevelt Hotel in New York. The agreement formalizes strategic economic cooperation and aims to maximize the value of one of Pakistan’s most valuable foreign assets.
The initiative involves cooperation with the US General Services Administration (GSA), formalized through an MoU signed by GSA Administrator Edward C. Forst and Finance Minister Muhammad Aurangzeb, witnessed by PM Shehbaz Sharif and US Special Envoy Steve Witkoff.
The agreement establishes a structured, time-bound framework for evaluating technical, commercial, and economic aspects of the project, aiming to maximize transaction value and reduce execution risk in one of Manhattan’s prime locations.
The century-old Roosevelt Hotel, acquired by Pakistan in 2000, is one of the country’s most valuable foreign assets. The over-1,000-room property was closed in 2020 due to mounting losses and has occasionally served as a migrant shelter.