Signing of Financial Advisory Services Agreement (FASA)

Press Release No.06-2024

A financial Advisory Services Agreement (FASA) was signed today in the office of Privatisation Commission with a consortium led by Jones Lang La Salle Americas Inc (JLL) for joint venture development of Roosevelt Hotel, New York, USA, a property owned by PIAIL. The Caretaker Federal Minister for Privatisation and IPC, Fawad Hasan Fawad witnessed the ceremony. Speaking on the occasion, the Minister expressed the commitment of the Government of Pakistan to develop the historic and landmark site in the heart of financial capital of the world as an iconic structure with the most modern development features and standards. The Minister also expressed his complete confidence in the ability and expertise of the Financial Advisory Consortium to find the best possible partners and realise the maximum potential value from its development for the Government of Pakistan. In a subsequent meeting, detailed roadmap and time bound milestones were also agreed leading to identification and selection of potential joint venture partners for the project.