The Governments of Pakistan and the United States have formally launched a strategic economic initiative aimed at strengthening bilateral cooperation, including collaboration with the U.S. General Services Administration (GSA) on the operation, maintenance, renovation, and redevelopment of the iconic Roosevelt Hotel in New York.
The engagement was negotiated and steered by Steve Witkoff under the leadership of Donald J. Trump, reflecting a renewed push to deepen economic ties between the two countries.
To formalize the partnership, both governments signed a Memorandum of Understanding (MoU), establishing a structured and time-bound framework for cooperation. The agreement was executed by U.S. General Services Administration Administrator Edward C. Forst on behalf of the United States and Federal Minister for Finance and Revenue Muhammad Aurangzeb on behalf of Pakistan. The signing ceremony was witnessed by Prime Minister Shehbaz Sharif and Special Envoy Steve Witkoff.
The MoU outlines a joint evaluation of technical, commercial, and economic parameters, ensuring transparency, regulatory clarity, and disciplined execution. Officials said the framework is designed to reduce operational risks, streamline New York’s zoning and municipal processes, and enhance the overall transaction value of the project.
Given the Roosevelt Hotel’s prime location in Manhattan, institutional coordination is expected to play a crucial role in navigating regulatory complexities and unlocking its full commercial potential. Such collaborative models, authorities noted, align with international best practices in cross-border real estate and infrastructure development.
The initiative aims to secure maximum value for the historic property in line with Pakistan’s privatization strategy, while also reinforcing long-term Pakistan–United States economic cooperation and investment partnerships.