The governments of Pakistan and the United States have launched a strategic economic initiative to enhance cooperation on the operation, maintenance, renovation, and potential redevelopment of the Roosevelt Hotel in New York. The project involves collaboration with the US General Services Administration and was negotiated under the oversight of Steve Witkoff during the leadership of Donald J. Trump.
To formalize the partnership, both governments signed a Memorandum of Understanding establishing a structured and time-bound framework for collaboration. The MoU was executed by Edward C. Forst on behalf of the United States and Muhammad Aurangzeb on behalf of Pakistan, with the signing ceremony witnessed by Shehbaz Sharif and special envoy Steve Witkoff.
The agreement outlines a joint assessment of technical, commercial, and economic aspects of the hotel project, emphasizing transparency, discipline, and mutually beneficial outcomes. Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York’s zoning and municipal regulations, enhanced coordination between institutions is expected to reduce execution risks, improve regulatory clarity, and maximize transaction value.
Officials noted that such facilitative arrangements align with international best practices for cross-border real estate and infrastructure development. The initiative aims to unlock maximum value from the Roosevelt Hotel in line with Pakistan’s privatization strategy while further strengthening economic and investment ties between Pakistan and the United States.
