ISLAMABAD, Pakistan: Pakistan International Airlines (PIA) owns assets worth a total of Rs 87,693,856,483 in Pakistan throughout the world, the National Assembly was told.
In a written reply to a question, the Minister for Aviation Khawaja Saad Rafique apprised the House on August 10 that according to the Pakistan International Airlines Corporation Limited (PIACL), the value of PIA’s moveable property is Rs 75,078,790,692 while the value of its immoveable property is Rs 12,615,065,791.
The House was told that PIA’s Roosevelt Hotel in New York’s assessed value as on December 31, 2021 was US$ 475 million.
It was further told that PIACL is not earning any income from Roosevelt Hotel operations.
It was shut down in December 2020 in light of the decision of Economic Coordination Committee (ECC) due to slow down of Hotel Business in the United States and around the world due to COVID-19 pandemic to avoid cost of approximately US$ 38 million per month.