Latest news with #privatization
Bloomberg
a day ago
- Business
- Bloomberg
Portugal One Step Closer to Relaunching Sale of State-Owned TAP
Portugal is moving closer to relaunching the sale of state-owned airline TAP SA after a prior attempt was derailed in 2023. The government has received two independent reports on the estimated valuation of TAP, a key step before it can move ahead with the privatization of the carrier. Lender Banco Finantia submitted its report last week, according to two people familiar with the process, as did accounting firm Ernst & Young.
Arab News
3 days ago
- Business
- Arab News
Pakistan plans to finalize Roosevelt Hotel privatization structure at next cabinet committee meeting
KARACHI: Pakistan is expected to finalize the transaction structure for the privatization of the Roosevelt Hotel in New York at the next meeting of the Cabinet Committee on Privatization, the government said in a statement on Saturday. Located in Midtown Manhattan, the hotel is owned by Pakistan International Airlines Investment Limited (PIAIL) and occupies a full city block on Madison Avenue and 45th Street. It has also remained one of Pakistan's most high-profile yet politically sensitive overseas assets. 'The base price and expected proceeds from the privatization of the Roosevelt Hotel will depend on the transaction structure and final terms approved by the government,' the Privatization Commission said in an official handout. 'The transaction structure is expected to be finalized at the next meeting of the Cabinet Committee on Privatization.' The statement informed no base price had yet been set for the property, rebutting some local media reports that claimed the government had fixed a $100 million floor. It also pointed out such a value could only be determined at the time of bidding, adding that the deal's potential value would depend on the transaction structure and final terms approved by the cabinet committee. Over the past two decades, successive Pakistani governments have floated plans to sell, lease or redevelop the property, but no proposal has advanced beyond early-stage planning. Earlier this month, Muhammad Ali, the prime minister's adviser on privatization, told Arab News that the government had completed the hotel's baseline valuation and appointed US-based consultancy JLL to conduct market sounding. 'We just need to get approval from the cabinet committee on the structure, and we'll move ahead,' he said.
Yahoo
5 days ago
- Politics
- Yahoo
The Problem With Mike Lee's Public Lands Proposal Is That It Doesn't Sell Off Enough Land
Sen. Mike Lee's (R–Utah) proposal to require the sale of a de minimis amount of Western public lands was dealt a potentially fatal blow yesterday when the Senate parliamentarian ruled that the provision could not be included in the reconciliation bill moving through Congress. The ruling follows a relentless opposition campaign to Lee's proposal from Democrats, conservation groups, and even some conservatives who've painted doomsday scenarios about Americans' "birthright" being sold off for luxury condo developments. Lee said yesterday that he's in talks with the parliamentarian to include a scaled-back version of his initial proposal in the budget bill. Whether that will be enough to win over the parliamentarian remains to be seen. It will almost certainly not be enough to mollify opponents, who've leveled a relentless stream of often inaccurate, contradictory criticisms of the idea that any federal lands might ever be privatized. Sen. Martin Heinrich (D–N.M.) told the Associated Press that Lee's bill would produce not enough development and too much development at the same time. "I don't think it's clear that we would even get substantial housing as a result of this. What I know would happen is people would lose access to places they know and care about and that drive our Western economies," he said. The American Conservation Coalition has taken to posting pictures of national parks (which could not be sold off under Lee's bill) to criticize the sale of far less beautiful Bureau of Land Management (BLM) lands. In fact, Lee's proposal is an exceptionally modest version of a generally good idea: that the federal government's vast, unused land holdings could be sold to ease the Western United States' severe housing shortage. In an essay at his Construction Physics Substack, Brian Potter notes that housing costs in the rural Western United States are exceptionally high compared to rural areas elsewhere in the country. A new heat map of America's estimated housing shortage produced by the American Enterprise Institute's Housing Center likewise shows Western states as having the largest housing deficits. Only select coastal metros and, particularly, coastal California, are worse off. Potter attributes the rural West's high housing costs to a mix of more attractive natural amenities, higher housing demand, modestly higher construction costs, and (once California is excluded) modestly tighter housing regulation. The federal government's vast holdings of undeveloped land on the edge of existing communities are certainly a significant contributing factor. The BLM owns close to 70 percent of the land in Nevada, over 40 percent of the land in Utah, and roughly a quarter of the land in Idaho, Oregon, Alaska, and Wyoming. Some of this is in the middle of nowhere and unlikely to be developed. A lot of it rings existing communities or is even interspersed among already developed, privately owned parcels. A report produced by the Joint Economic Committee Republicans in 2022 estimated that a prior, more ambitious Lee proposal to sell off Western BLM land for housing development could lead to the construction of 2.7 million more homes and completely end the housing shortage in states such as Arizona, Nevada, and Wyoming. For all the criticism, Lee's current proposal is rather unambitious. Per The Hill's reporting on the latest draft, it would require the sale of between 0.25 percent and 0.5 percent of BLM land. The land could only be used for housing, and it would have to be within five miles of an existing community. National parks, conservation areas, national monuments, historic sites, battlefields, and every other type of public land that people actually like are explicitly protected from being sold off in Lee's bill. If anything, the problem with Lee's bill is that it puts far too many restrictions on the sale of federal lands and thus won't meaningfully alleviate the West's housing affordability problems. Still, any new (privately developed) housing is good housing. If Lee's bill gets a few more units built, all the better. The post The Problem With Mike Lee's Public Lands Proposal Is That It Doesn't Sell Off Enough Land appeared first on
Arab News
5 days ago
- Business
- Arab News
Pakistan says Roosevelt Hotel's base valuation complete, will decide on transaction structure this month
ISLAMABAD: Pakistan has completed the baseline valuation of the Roosevelt Hotel in New York and is preparing to move forward with a transaction structure this month to privatize the state-owned property, the head of the Privatization Commission told Arab News this week. The Roosevelt, a 1,015-room historic hotel in Midtown Manhattan, has long been one of Pakistan's most prominent but politically sensitive overseas assets. Acquired by Pakistan International Airlines Investment Limited (PIAIL) in 1979, the hotel occupies a full city block on Madison Avenue and 45th Street. Over the past two decades, successive Pakistani governments have floated plans to sell, lease, or redevelop the property, but no proposal has advanced beyond early-stage planning. Operations at the Roosevelt were suspended in 2020 following steep financial losses during the COVID-19 pandemic. In 2023, Pakistan entered a short-term lease with the City of New York to use the property as a temporary shelter for asylum seekers, generating more than $220 million in projected rental income. That agreement ended in 2024 and no new revenue stream has since been announced. 'We have an idea of the asset valuation in Roosevelt,' Muhammad Ali, chairman of Pakistan's Privatization Commission, said in an interview when asked about the timeline to privatize the hotel. 'We have appointed JLL [Jones Lang LaSalle], who are one of the top consultants in the US market. They have done their homework. They have done the market sounding also. We just need to get approval from the Cabinet Committee [on Privatization] on the structure, and we'll move ahead.' He added: 'So this year, before June, I'm hoping that on the Roosevelt, we will have gone ahead with execution of the transaction as far as whatever structure is decided.' VALUATION AND TRANSACTION STRUCTURE The Roosevelt, whose liabilities and losses the privatization chief did not disclose, is one of several state assets the government hopes will contribute to its target of raising Rs86 billion ($306 million) in privatization proceeds during the fiscal year starting July 1, alongside the sale of national carrier Pakistan International Airlines and three electricity distribution companies. But how much money the hotel ultimately brings in, and its overall valuation, depended on the type of transaction structure adopted, Ali said. If the government opted for a straightforward 'as-is' sale and sold the property without securing any new permissions or approvals for zoning or development, the hotel would fetch the lowest price. However, if the government first obtained the necessary permits and approvals that a buyer would typically need for redevelopment, the property's value could double compared to the 'as-is' sale. Alternatively, if the government formed a joint venture with a private investor, sharing both the risks and future profits, the hotel could be worth four to five times more than its as-is valuation. 'So, depending on what sort of structure you have, how much risk you take, how much effort the government puts in, we can make a lot of money from this asset,' the privatization chief said. 'If we go with a joint venture structure, then this year we will only get the first advance payment, so that's a small amount of money which will be coming in [FY26].'
Zawya
5 days ago
- Business
- Zawya
Mawani signs privatization contracts for multipurpose cargo terminals at eight Saudi ports with private sector investments exceeding SAR 2.2bln
RIYADH, Saudi Arabia: In the presence of H.E. Eng. Saleh bin Nasser Al-Jasser, Minister of Transport and Logistic Services and Chairman of the Saudi Ports Authority, Mawani — in collaboration with the National Center for Privatization — signed contracts to privatize multipurpose cargo terminals at eight Saudi ports under a Build-Operate-Transfer (BOT) model spanning 20 years. The agreements were signed with national partners Saudi Global Ports and Red Sea Gateway Terminal Company, with private sector investments exceeding SAR 2.2 billion. The signing ceremony was also attended by Mr. Mazen bin Ahmed Al-Turki, Acting President of Mawani; Eng. Abdullah bin Mohammed Al-Zamil, Chairman of Saudi Global Ports; Mr. Aamer Alireza, Chairman of Red Sea Gateway Terminal; and a number of other officials. Speaking at the ceremony, H.E. Eng. Saleh Al-Jasser noted that these successive private sector investments reflect the strong appeal of Saudi ports and the logistics sector — a sector that receives generous support from the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince, may God protect them. He also stated that Saudi ports have witnessed remarkable progress in operational efficiency, cargo handling rates, and maritime connectivity, according to international indices — driven by significant investments from leading global and national logistics companies. The Minister emphasized that the transport and logistics ecosystem will continue to strengthen its partnerships with the private sector across all areas and regions of the Kingdom. He noted that these privatization contracts represent an extension of Mawani's strategic partnerships with major national and international companies, enabling growth in the maritime transport sector, diversifying the economy, and reinforcing Saudi Arabia's position as a global logistics hub — in line with the goals of the National Transport and Logistics Strategy and Saudi Vision 2030. For his part, H.E. Mr. Mohannad bin Ahmed Basodan, CEO of the National Center for Privatization, affirmed that the Center aims to empower the private sector to play a key role in enhancing public services and improving operational efficiency. He noted that the signing of these privatization contracts across eight seaports is one of the most significant initiatives in this regard, enabling the private sector to leverage its expertise to develop advanced maritime services aligned with the highest global standards — thereby enhancing operational performance and unlocking broad prospects for economic growth. These efforts also reflect the Center's vision of building an effective privatization ecosystem that delivers sustainable economic impact and supports the Kingdom's ambition to become a global logistics hub under Saudi Vision 2030. Under the contracts, Saudi Global Ports will develop, manage, and operate multipurpose terminals at four Eastern Province ports under Mawani's jurisdiction: King Abdulaziz Port in Dammam, Jubail Commercial Port, King Fahd Industrial Port in Jubail, and Ras Al-Khair Port. Red Sea Gateway Terminal will manage the development and operations of multipurpose terminals at four Western Province ports: Jeddah Islamic Port, Yanbu Commercial Port, King Fahd Industrial Port in Yanbu, and Jazan Port. The privatization contracts for King Fahd Industrial Port in Yanbu involve increasing container handling capacity through the deployment of the latest STS and RTG cranes, reach stackers, modern trucks and trailers, as well as reducing truck turnaround times and vessel berth stays — all contributing to improved operational efficiency. Notably, these privatization contracts between Mawani and the private sector were signed following approval from the Supervisory Committee for Privatization in the Transport and Logistics Sector, chaired by H.E. Eng. Saleh bin Nasser Al-Jasser. They aim to enhance the competitiveness of Saudi ports, expand operational capacity, support economic growth, and contribute to sustainable development. -Ends-
