November 27, 2014 7:33 PM ET

Hotels, Restaurants and Leisure

Company Overview of The Pakistan Tourism Development Corporation

Company Overview

The Pakistan Tourism Development Corporation operates as a tourism development organization in Pakistan. It offers planning and development, as well as identification and implementation of projets dealing with tourism infrastructure, such as motels, recreational units, and resorts; publicity and promotion of tourist products, products, production of tourist literature, domestic/foreign publicity; and managing and operating hotels; and management of various hospitality units in tourist destinations of the country. The Pakistan Tourism Development Corporation was founded in 1970 and is headquartered in Islamabad, Pakistan.

22-A , Saeed Plaza, Blue Area, Jinnah Avenue

Islamabad,  44000

Pakistan

Founded in 1970

Phone:

92 51 921 9705

Fax:

92 51 921 9708

Key Executives for The Pakistan Tourism Development Corporation

Acting Managing Director
Finance Director
Deputy Managing Director of Marketing & Operations
Joint Secretary
Deputy Managing Director of Development & Administration
Compensation as of Fiscal Year 2014.

The Pakistan Tourism Development Corporation Key Developments

Pakistan Tourism Development Corporation Reportedly To Be Privatized

The Pakistan federal government has decided to sell assets of the Pakistan Tourism Development Corporation under its privatization plan. The government recently transferred Pakistan Tourism Development Corporation to the cabinet division from the ministry of inter-provincial cooperation (IPC), apparently to further its privatization plan, official sources confirmed on August 1, 2014. A source in Pakistan Tourism Development Corporation said that during a recent meeting with Prime Minister Nawaz Sharif, Pakistan Tourism Development Corporation Managing Director Kabir Khan had been given the go-ahead for the privatization of the Pakistan Tourism Development Corporation's assets. But apparently Kabir Khan did not take IPC Minister Riaz Pirzada into confidence on the matter.

CCoP To Announce New Menu Of Privatization

The current PPP government decided to take Pakistan Steel Mills and PIA off the privatization. The Cabinet Committee on Privatization (CCoP) approved a new menu of privatization based on public private partnership (PPP) with transfer of management control and 26% shares of 21 state owned enterprises (SOEs).The new policy also envisages transfer of 12% shares of all SOEs to the workers of these entities. CCoP has not fixed any timelines or targets for the completion of privatization process of the said SOEs and these would be taken to market when feasible. According to the Minister for Privatization, CCoP has approved privatization of four electric supply companies Faisalabad Electric Supply Company Limited, Quetta Electric Supply Company Ltd., Hyderabad Electric Supply Company Ltd. and Peshawar Electric Supply Company Limited. Besides, National Insurance Company Limited, Pakistan Reinsurance Company Ltd. (KASE:PAKRI) and State Life Insurance Corporation of Pakistan Ltd will also be privatized. The approval has also been granted to the privatization of SME Bank Ltd., National Power Construction Corporation (Pvt) Limited, Pakistan Railways, Heavy Electrical Complex (Pvt.) Ltd., Pakistan Machine Tool Factory (Pvt) Ltd., The Pakistan Tourism Development Corporation, Utility Stores Corporation of Pakistan, Pakistan Post Office Department and Kot Addu Power Co. Ltd. (KASE:KAPCO). Similarly, Privatization of Pakistan Post would be based on PPP model and this important organization would be converted into a Post Office Bank after privatization. The Cabinet Committee on Privatization (CCoP) approved leasing out of Thermal Power Stations of Jamshoro Power Company Limited.

IPCC To Decide Over Sale Of PTDC Assets

The Pakistan Tourism Development Corporation (PTDC) assets are to be sold. According to the news report, an Inter Provincial Co-ordination Committee (IPCC) is to be held on August 5, 2013, in order to decide on handing over of assets and properties of PTDC to the provinces under the 18th constitutional amendment. Sources disclosed that the federal government of Pakistan has expressed its intent to privatize the properties and assets of PTDC before transferring it to the provinces. The report added that the recent move has led to a tug of war between provinces and the centre over assets/resorts under the administrative control of PTDC. Federal Minister for IPC, Riaz Husain Pirzada, provincial ministers, chief secretaries of provinces, federal ministries dealing with concerned issues, members of PTDC Board of Directors, the IPC Secretary and other officials will also attend the meeting to decide the matter. The report also mentioned that Federal Minister of IPC, Riaz Hussain Pirzada confirmed that the meeting was scheduled and said that its agenda included a discussion on the assets and properties of PTDC and their value. Discussions with the provinces on the matter will also be held. He added that a regularity authority had been established in Islamabad which would deal with all such matters. The sources further mentioned that a liquidator would be appointed to evaluate worth of PTDC assets. Sources also said that Khyber Pakhtunkhwa provincial tourism department had finalized an evaluation report on the assets and properties of PTDC, and identified more than 19 sites which were going to be handed over to province as per decision of Ministry of IPC. According to the report, the Ministry of IPC in a meeting on July 1, 2013, formally decided to hand over assets and properties of PTDC to provinces, and was given the task of evaluating actual assets and properties. The meeting declared that the assets and properties of PTDC stood transferred to concerning provinces.

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