Pakistan, US Sign MoU on Strategic Economic Cooperation for Roosevelt Hotel

ISLAMABAD: Pakistan and the United States have formally launched strategic economic cooperation regarding the Roosevelt Hotel in New York, with both sides signing a Memorandum of Understanding (MoU).

According to Pakistan’s Ministry of Finance, cooperation has been agreed with the U.S. General Services Administration (GSA) on the hotel’s operations, maintenance, renovation, and potential redevelopment. The development followed negotiations held under the supervision of US President Donald Trump’s Special Envoy Steve Witkoff.

The statement said the MoU was signed by GSA Administrator Edward C. Forst on behalf of the United States, while Pakistan’s Federal Minister for Finance and Revenue Muhammad Aurangzeb signed on behalf of Pakistan.

Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff were also present at the signing ceremony.

Under the MoU, a structured framework has been established to jointly review technical, commercial, and financial aspects within a defined timeframe, ensuring transparent and mutually beneficial progress.

The finance ministry noted that given the Roosevelt Hotel’s strategic location in Manhattan and the complex zoning and municipal regulations of New York, institutional coordination will be pursued to minimize implementation risks, enhance regulatory clarity, and potentially maximize financial returns.

Officials said the primary objective of the initiative is to secure optimal value for the asset under Pakistan’s privatization strategy while further strengthening economic ties between Pakistan and the United States.