Sources told Pakmatters on Wednesday that Pakistan to sell Qatar shares in the Roosevelt Hotel in Manhattan, New York, in exchange for Qatar’s investment in the aviation sector.
Doha is likely to put a lot of money into Pakistan’s aviation industry when Prime Minister Shehbaz Sharif goes to Qatar. Sources said that Qatar wanted to put money into the airport and hotel industries.
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It was learned that the federal government will hand over control of Islamabad International Airport to Qatar. A Qatari company will take care of the terminal and cargo at the airport.
Sources say that in exchange for the investment, the Qatari government will get shares of the Roosevelt Hotel in Manhattan, New York. The money will be given to Pakistan through agreements between that country and Qatar.
$3 billion is being spent
Earlier in the day, it was announced that Qatar has agreed to invest up to $3 billion in Pakistan. This comes as Prime Minister Shehbaz Sharif is in Pakistan to strengthen ties between the two countries.
Sources close to the Finance Ministry said that Qatar will invest right away in many different areas of Pakistan.
“The Qatari officials have shown interest in investing in the Karachi and Islamabad airports,” they said, adding that the Qatari investment authority will make sure investments happen as soon as possible.
Plan to get money from Qatar
Before PM Sharif went to Doha, the government made a plan to bring Qatari investments to Islamabad airport and the Roosevelt hotel in the US.
On August 17, it was said that the Islamabad International Airport might be run by Qatar while the Pakistan Civil Aviation Authority (PCAA) looked over the financial, legal, and business parts of the plan.
It was learned that Qatari authorities are also likely to own shares in and run the Roosevelt Hotel in the United States.
Roosevelt Hotel
The Roosevelt Hotel opened in 1924 and is one of the oldest hotels in the United States. It is in the most expensive part of downtown Manhattan.
PIA bought the 19-story building in 1979 through a partnership, with money from its own profits, and as part of its plan to branch out.
The Roosevelt Hotel in New York, which is owned by PIA, will close for good in October 2020. This will be the hotel’s ninth decade in business.
