The federal government has decided to form a committee to negotiate a settlement with the union as it moves forward with plans to redevelop the Roosevelt Hotel in New York.
The Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, approved the proposal on Monday.
Under the approved proposal, the committee will work with relevant stakeholders to negotiate a settlement that could clear the way for the redevelopment of the hotel.
The government aims to reach a fair settlement while addressing the concerns of the union involved in the matter.
The Roosevelt Hotel in New York is owned by Pakistan International Airlines (PIA) and has remained central to the government’s efforts to unlock value from the strategically located property.
The government has been exploring options to redevelop the hotel as part of broader efforts to generate value from PIA’s overseas assets.
The formation of the committee is expected to help resolve outstanding issues and facilitate progress on the proposed redevelopment project.
