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ISLAMABAD: Pakistan’s textile exports, the backbone of its economy and a major supplier to global brands, rose nearly 10 percent year-on-year to $3.2 billion in July and August, official data showed, with knitwear and readymade garments leading the growth.

The textile and apparel sector is Pakistan’s largest export earner, accounting for more than half of total exports and contributing around 8.5 percent of GDP by employing nearly 40 percent of the industrial labor force. But high energy costs, outdated infrastructure and policy uncertainty continue to slow growth and leave the country trailing regional peers such as Bangladesh.

“The textile exports from the country were recorded at US $3.203 billion during July–August (2025–26) against the exports of US $2.915 billion during July–August (2024–25),” the Associated Press of Pakistan (APP), a state news agency, said in a report.

Knitwear exports surged 16.9 percent to $959 million, while readymade garments rose 10.6 percent to $728 million. Bedwear exports increased by 12 percent to $565 million and towels by 4.8 percent to $179 million.

Other products also contributed to the rise: cotton yarn exports grew by 7.8 percent to $119 million, synthetic textiles by 8 percent to $66 million, and made-up articles by 14.3 percent to $137 million. However, exports of tents, canvas and tarpaulin fell 18.3 percent to $16 million.

Despite the year-on-year increase, monthly exports dipped 9.3 percent in August compared to July, reflecting continuing volatility in the sector. 

Pakistan’s commerce minister, Jam Kamal, last month announced the finalization of a five-year Textiles and Apparel Policy and a National Industrial Policy aimed at making the industry regionally competitive, removing trade barriers and ensuring long-term export growth.

KARACHI: Citigroup is among seven international consortia that have submitted bids to advise Pakistan on the privatization of the Roosevelt Hotel in New York, a privatization commission official with direct knowledge of the issue told Arab News on Thursday.

The Roosevelt Hotel, a century-old Manhattan property owned by Pakistan International Airlines through its investment arm, is considered one of Pakistan’s most valuable foreign assets. 

Islamabad is pursuing a joint venture model rather than an outright sale, seeking a redevelopment partner to maximize long-term value as part of a broader privatization drive agreed under its $7 billion IMF program.

“The technical bids of seven consortia have been opened on Sept. 16,” the official, who declined to be named, said. “The legally successful bidder has to be announced within 30 days after the opening of the bids as per PPRA rules.”

The PPRA, or Public Procurement Regulatory Authority, sets Pakistan’s procurement regulations. Under these rules, the Privatization Commission is required to complete the evaluation process within a fixed timeframe to ensure transparency and accountability in government contracting.

According to the official, the following seven consortia have submitted proposals:

Greysteel, B6 Real Estate Advisers and Kirkland & Ellis LLP

CBRE, Morgan Stanley, Paul Hastings and Goldman Harris LLC

Ankura, Bank of Punjab, Baker McKenzie and Orr, Dignam & Co.

Savills, MACRO (a Savills Company), Cirtin Cooperman & Company LLP, Hogan Lovells, and Mohsin Tayebaly & Co.

Alvarez & Marsal Private Equity Performance Improvement Group LLC, Proskauer, and FGE Ebrahim Hosain (FGE-EH)

Citi Bank, Cushman & Wakefield, Proskauer Rose LLC, and HaiderMota & Co.

Newmark, Herbert Smith Freehills Kramer (US) LLP, and Peregrinvest LLC

Pakistan says it expects the privatization of the Roosevelt Hotel to be completed this year. The property, located near Grand Central Terminal, Times Square and Fifth Avenue, was closed in 2020 due to heavy losses but has since been used intermittently, including as a temporary migrant shelter.

Last month, global real estate firm Jones Lang LaSalle (JLL) resigned as financial adviser for the hotel’s partial sale, citing a conflict of interest due to client involvement. The government has since accelerated efforts to appoint a new adviser and proceed with the joint venture model approved by the federal cabinet.

Economists say the privatization of the Roosevelt Hotel is a critical part of Pakistan’s broader effort to offload loss-making state assets while attracting foreign investment and easing pressure on its fragile $350 billion economy.