Cabinet committee decides against privatizing PIA's Roosevelt Hotel.

ISLAMABAD -- The Cabinet Committee on Privatization announced that it will not be selling the Pakistan International Airlines-owned Roosevelt Hotel in New York but would run it under a joint venture with a third party.

Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Cabinet Committee on Privatization here at the Cabinet Division. CCoP reviewed one point agenda on the Privatization of Roosevelt Hotel (Manhattan, New York) asset owned by PIA-Investment Limited.

As requested by the Aviation Division, CCoP decided to de-notify the Roosevelt Task Force formed earlier under the chairmanship of Minister for Privatization for framing Terms of Reference for leasing the Roosevelt's site for setting up a joint...