The Federal Government Announces Privatization of Roosevelt Hotel
The federal government has taken the decision to privatise the historic Roosevelt Hotel, with the issuance of a letter of intent scheduled for the first week of August. The Privatisation Commission has approved the hotel’s privatisation either through a joint venture or leasing for 99 years.
Minister for Privatisation Abdul Aleem Khan disclosed that the privatisation of power distribution companies is not viable until 2026. He also stated that the Pakistan International Airlines (PIA) will remain in government ownership if bids fall below the reference price.
Highlighting the government’s commitment to transparency, Minister Khan announced that all bidding processes for loss-making enterprises, including PIACL, Roosevelt Hotel, HBFC, and the First Women Bank, will be telecasted live. He emphasized the potential profitability of PIA for a buyer willing to invest in the airline.
The government’s failure to privatise PIA has resulted in substantial financial losses, prompting criticism over handling other privatization projects. Despite challenges, the government remains determined to proceed with future privatization initiatives.
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