The Dubai-based conglomerate Al-Futtaim Group, has reportedly acquired an industrial plot in Faisalabad for setting up an automotive plant for the manufacturing and assembly of Renault vehicles in Pakistan.
According to a statement issued by the company, the facility will be set up at M-3 Industrial City, located in Special Economic Zone, Faisalabad.
“We, together with Renault, are delighted to have completed the land acquisition, which is an important milestone in the project,” said Colin Cordery, the Managing Director of Al-Futtaim Automotive International.
He went on to say that Al-Futtaim is fully committed to the Pakistani market and to this project, which is likely to “bring significant Foreign Direct Investment to Pakistan, and also create many direct and indirect jobs”.
The design and pre-engineering work of the project is well underway, and on-site activities will commence shortly. The formal launch of the facility construction will be in the fourth quarter of 2018.
Once construction work is completed, the assembly plant will have a total installed capacity of over 50,000 units per annum. Al-Futtaim and Renault expect that the factory will commence production in 2020.