Pakistan and the United States have signed a memorandum of understanding (MoU) to establish a structured cooperation framework for the redevelopment and financial optimisation of the The Roosevelt Hotel in New York.

The document was signed by US General Services Administration (GSA) Administrator Edward C. Forst and Pakistan’s Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb.

Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff were present at the signing ceremony.

Under the MoU, both sides will jointly review the technical, commercial and economic aspects of bilateral cooperation through an organised and time-bound framework.

The mechanism is designed to ensure transparency, institutional coordination and mutually beneficial development.

Located in Manhattan’s central district, the Roosevelt Hotel project involves navigating New York’s zoning and complex municipal regulations.

Officials said the framework would facilitate institutional coordination, clarify regulatory requirements and help maximise transaction value.

Similar structured models are commonly used in international real estate and infrastructure projects.

The initiative aims to extract maximum financial benefit from the property in line with Pakistan’s privatisation strategy, while strengthening economic ties between Islamabad and Washington.