Pakistan would sell Qatar shares in the Roosevelt Hotel in Manhattan in exchange for a Doha investment in the aviation industry.
Doha, Qatar is expected to make a sizable investment in Pakistan’s aviation industry during Prime Minister Shehbaz Sharif’s visit there. Investments in airports and hotels were reported as of interest to Qatar.
It has come to light that Qatar would take over management of Islamabad International Airport from the federal government, while a Qatari firm handles all cargo and passenger services at the airport.
Pakistan is expected to sell Roosevelt Hotel shares to Qatar.
Rumor has it that in exchange for their cash, the Qatari government would be awarded a stake in the Roosevelt Hotel, located in the heart of Manhattan’s business district. Pakistan and Qatar have signed intergovernmental agreements that will allow for the transfer of funds.
Inputs worth $3 billion
As Prime Minister Shehbaz Sharif is in Pakistan at the moment to strengthen bilateral relations, it was announced earlier in the day that Qatar has committed to invest up to $3 billion in Pakistan.
It has been reported by sources close to Pakistan’s Finance Ministry that Qatar would begin investing in the country immediately across a variety of industries.
They claimed, “The Qatari authorities have shown an interest in making investments at Karachi and Islamabad airports,” and that the Qatari investment body will make sure investments were made as soon as feasible.
Strategies for Qatari Funding
During PM Sharif’s Doha tour, federal officials devised a strategy to attract Qatari investment to the Islamabad airport and the Roosevelt Hotel in the United States.
On August 17, the Pakistan Civil Aviation Authority (PCAA) said that after reviewing the plan’s financial, legal, and commercial aspects, Qatar may be given management responsibility to administer the Islamabad International Airport.
It has come to light that Qatari officials are also expected to acquire the shares and administrative control of the Roosevelt Hotel in the United States.
The Roosevelt
The Roosevelt Hotel, which opened in 1924 and is located in Manhattan’s opulent financial district, is one of the country’s classic lodging establishments.
In 1979, PIA purchased the 19-story building in a partnership, using proceeds from the company’s operations.
After nine decades in business, in October 2020, PIA announced that the Roosevelt Hotel in New York will be closing its doors indefinitely owing to huge financial difficulties.
