Government backs out of Roosevelt Hotel privatization – Express Urdu

Cabinet privatization committee decides to run the lodge collectively with a non-public social gathering

Islamabad: The federal authorities withdrew from the privatization of the Roosevelt Hotel.

A gathering of the Cabinet Privatization Committee was held in Islamabad below the chairmanship of Finance Advisor Hafeez Sheikh wherein the privatization of Roosevelt Hotel New York owned by PIA was reviewed intimately.

The committee has determined to disband the Rosevale Hotel New York job power and run the lodge by way of a three way partnership with a non-public social gathering.

Also learn: Privatization Commission approves leasing of PIA's Roosevelt Hotel

The Rose Welt Hotel will probably be rebuilt and a monetary advisor will probably be appointed to run the three way partnership.

The Committee directed the Privatization Commission to nominate a Financial Advisor to the Rose Welt Hotel.

It needs to be famous that in 1979, PIA, along with Prince Faisal bin Khalid bin Abdulaziz Al Saud of Saudi Arabia, leased the lodge and in 1999 purchased the lodge constructing for 36 million.

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