"Roosevelt Hotel's Path to Cultural Heritage Status & Pakistan's Privatization Plans"

The historic Roosevelt Hotel is on the cusp of a transformative journey, as Pakistan strives to secure its cultural heritage status while advancing its sale. In the heart of New York City, this iconic landmark is set to celebrate its centennial anniversary since its construction, adding a touch of nostalgia to its potential sale.

Picture a century-old jewel in the heart of the bustling Big Apple, the Roosevelt Hotel. As Pakistan steers its way towards selling this iconic property, there's a twist in the tale. The government is eyeing a unique cultural heritage status for this grand dame of New York, and the story unfolds.

Cultural Heritage Status for Roosevelt Hotel:

The Cabinet Committee on Privatization (CCOP) recently convened to accelerate the sale of the Roosevelt Hotel. The caretaker government underscored the urgency of hiring financial advisors, a move that had already received CCOP's nod. This marked a significant step forward.

This development bears great significance for Pakistan's economy and its business prospects. The sale of the Roosevelt Hotel is not just a property deal; it's an emblematic business endeavor.

In an August 2023 meeting, it was revealed that a directive to initiate the hiring of financial advisors for leasing the Roosevelt site had been issued on August 22, 2023. This decision was set in motion after the Request for Proposal received approval in March 2023. In May 2023, the Economic Coordination Committee (ECC) greenlit the lease to NY City Health and Hospitals. The Aviation Division spearheading this initiative urged the Privatization Commission (PC) to proceed with hiring advisors.

Steps Towards Privatization:

Fast forward to August 2023, when the CCOP instructed relevant officials to initiate the hiring process and publish advertisements in prominent New York and national newspapers. With the cabinet's formal ratification, the advertising phase is just around the corner.

But here's the intriguing part. The committee also explored the possibility of declaring the Roosevelt Hotel a cultural heritage site by New York authorities. This captivating twist could unfold when the hotel completes a century since its 1924 construction, adding a layer of historical significance to this sale.

Technology could play a vital role in preserving the historical essence of this hotel while enhancing its appeal to potential buyers. Digital archives, virtual tours, and innovative marketing strategies could further enrich the cultural heritage experience.

The meeting also shed light on Pakistan's ongoing privatization program. The Secretary of the Ministry of Privatization shared insights into the status of companies on the active privatization list. Notably, Pakistan International Airlines (PIA) was included in this list back in 2013.

Over the years, numerous efforts were made to revamp PIA. A consortium was appointed in 2014 to facilitate private sector participation after comprehensive due diligence by financial advisors in 2015. The transformation journey continued with the PIAC (Conversion) Act 2016, turning PIA into Pakistan International Airlines Corporation Limited (PIACL).

The transformation of PIA and the recent amendment approval showcase Pakistan's commitment to fostering a favorable business environment.

PIACL's Privatization:

The new structure had limited the federal government from transferring management control or privatizing the airline business. However, a pivotal moment arrived on August 7, 2023, when the parliament approved an amendment to enable the privatization of PIACL. The CCOP and cabinet subsequently ratified this decision, marking a significant step towards revitalizing the aviation sector in Pakistan.

As the Roosevelt Hotel approaches its centennial anniversary and the privatization of PIACL gains momentum, Pakistan is charting a new course in its economic landscape. The intersection of cultural heritage, business, and technology promises a bright future for Pakistan's economy.