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.

PESHAWAR/KARACHI: At least 19 people have been killed and six injured in the past 48 hours in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province while heavy rains claimed another 12 lives in the most populous Punjab province, provincial disaster authorities said on Saturday.

KP’s Provincial Disaster Management Authority (PDMA) said that a total of 56 houses had been damaged in the region — 50 partially and six completely — while rain-related incidents were reported from various districts including Swat, Abbottabad, Charsadda, Malakand, Shangla, Lower Dir and Torghar.

“In the past 48 hours, rain, strong winds, flash floods and landslides in Khyber Pakhtunkhwa province have resulted in the deaths of 19 people and injuries to 6 others,” the PDMA said in a statement.

“The most affected district was Swat, where 13 people died and six others were injured,” it added.

The overall casualties in the province included six men, five women and eight children.

Local administrations have been instructed to provide immediate relief to affected families and ensure medical care for the injured.

The ongoing spell of rains, which began on June 25, has also claimed 12 lives in Punjab, the country’s most populous province, and caused delays in railway operations in the southern Sindh province.

“Twelve people died and 39 were injured in various accidents,” the Punjab PDMA said in a statement. “Majority of deaths were caused by the collapse of roofs and walls.”

Punjab PDMA chief Irfan Ali Kathia urged citizens to avoid unnecessary travel and not to stay in dilapidated homes during bad weather.

The Pakistan Meteorological Department has warned that the risk of heavy rains and possible flash floods will remain high until at least Tuesday.

Babar Raza, a spokesperson for Pakistan Railways, told Arab News the weather had affected the railway signaling system, while the speed of trains had been reduced for safety reasons.

“As a result, some trains are reaching their destinations with a delay of three to four hours,” he said. “No trains have been canceled so far.”

Pakistan, home to over 240 million people, is considered one of the world’s most vulnerable countries to the effects of climate change and faces extreme weather events with increasing frequency.

Last month, at least 24 people were killed in severe storms across the country, which has already experienced multiple extreme weather incidents this year, including hailstorms and spring downpours.