33 PIA properties shifted, Rs14.2bn assets and Roosevelt Hotel still await final decisions

Islamabad: Thirty three properties belonging to Pakistan International Airlines have been transferred to a holding company, while 11 valuable properties worth an estimated Rs14.2 billion still remain with the national airline, a Senate committee was informed.

The committee was also told that the future of PIA’s famous Roosevelt Hotel in New York has still not been finalized, as financial advisers continue to work on the proposed deal. The disclosures raised important questions about which assets were transferred, which properties remain with PIA and how the government plans to protect their full value during the privatization process.

The matter came under discussion at a meeting of the Senate Standing Committee on Privatization, chaired by Senator Dr Afnan Ullah Khan. Officials told the committee that PIA’s assets had been divided as part of the airline’s restructuring.

A total of 33 properties have already been moved to a separate holding company. However, 11 properties remain directly with PIA. These include four properties located in Pakistan and seven properties in foreign countries.

Officials estimated their combined value at Rs14.2 billion. The committee was not provided with a property by property breakdown in the briefing, leaving questions about the location, market value and future use of each asset.

The Roosevelt Hotel was also discussed separately because of its high value and international importance. Officials said talks with financial advisers were continuing and the final structure of the transaction was still being prepared.

This means the government has not yet decided the exact method through which the Roosevelt Hotel will be used, leased, sold or placed in another financial arrangement. The Privatization Commission aims to complete the Roosevelt Hotel transaction by the end of 2026.

However, the committee was not informed of a final price, buyer or approved transaction model. The Roosevelt Hotel has long been considered one of PIA’s most valuable foreign assets. Any decision involving the hotel is therefore expected to face close public and parliamentary examination.

Committee members stressed that PIA’s properties must not be transferred at low prices or through unclear agreements. They said national assets should be handled through open competition, proper valuation and full transparency.

The briefing came as the government continued the wider restructuring and privatization of the loss making national airline. Chairman Senator Dr Afnan Ullah Khan congratulated the Privatization Commission on what he described as the successful privatization of PIA.

He claimed that the transaction had protected the national treasury from annual losses of around Rs100 billion. In simple terms, the chairman said the airline had been costing the government nearly Rs100 billion every year before the privatization transaction.

The committee said these remaining properties and international assets must be protected from undervaluation, delay or misuse. It reaffirmed that the privatization process should be transparent, accountable and carried out in the public interest.