Pakistan, Karachi – November 20, 2017: Groupe Renault and Al-Futtaim signed definitive agreements for the exclusive assembly and distribution of Renault vehicles in Pakistan.
The agreements will see Groupe Renault bring its latest products and technological know-how, whilst Al-Futtaim, through its new subsidiary Al-Futtaim Automotive Pakistan (Private) Limited, will establish a new manufacturing and assembly plant, and exclusively distribute Renault cars through its extensive knowledge of the market. Al-Futtaim has built considerable strength and credibility in delivering great customer experiences through its numerous businesses across 29 countries. Al-Futtaim global automotive operations extend to 11 markets across the Middle East, Africa and South Asia, and Pakistan represents one of the most dynamic opportunities in these regions, in particular due to the new Automotive Development Policy.
As is customary for such projects, the finalization of the transaction remains subject to a number of conditions, mainly relating to relevant regulatory approvals from Pakistani authorities. The parties expect that the plant will be built starting the first quarter of 2018 in Karachi as per Groupe Renault standards, and car sales are planned to start in 2019, ramping up in 2020.