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Monday, July 15, 2024

New bid replaces Jewish Group as top buyer for Pakistan’s US assets

The new highest bidder has reportedly offered a whopping $6.8 million for the property.

In a major development, the Pakistani diplomatic building in Washington, US has a new highest bidder, who may also be the winner.

According to the details in the media, the new highest bidder is Shahal Khan of Burkhan World Investments who has reportedly offered a whopping $6.8 million for the property. Burkhan World is based in Washington and claims to “invest in projects that it believes will have a positive impact on our society”.

Shahal Khan plans to make the building the center of peace and it will also be tied to the Khan Institute of Economic Security and Peace at the American University.

The Pakistan government has several properties lying vacant in the US. In a bid to make use of the idle properties, the government considered selling them. It was decided that the highest bidder will get the property.

Read more: Pakistan forced to sell old embassy building in US due to economic woes?

For the Washington property, earlier the highest bid of almost $6.8 million was from a Jewish group that wanted to build a synagogue in the building. In the second spot was an Indian realtor with a bid of about $5 million, followed by a bid of about $4 million from a Pakistani realtor.

Pakistan selling iconic properties

The Foreign Office has given approval to the Pakistani embassy in Washington to sell its old building, which was lying vacant for the last 15 years.

Earlier, the Foreign Affairs Division moved to the cabinet the case of two old Chancery buildings, located on 2201 R Street and 2315 Massachusetts Avenue in Washington, which have been lying vacant since the Pakistan Embassy there was relocated to a purpose-built Chancery Building in April 2003.

Read more: Govt to offer 51% shares in PIA and Roosevelt to Qatar

Similarly, reports emerged that Pakistan is expected to sell shares of the Roosevelt Hotel in New York’s Manhattan to Qatar in return for the Doha investment in the aviation sector.

The notion of the PML-N government selling the iconic Roosevelt hotel stirred a strong reaction from Pakistanis on social media as they criticized the government for selling the country’s assets.