A plant has been acquired by Al-Futtaim Group of United Arab Emirates (UAE) in the industrial city of Faisalabad for the manufacturing and assembly of Renault vehicles in Pakistan. One of the biggest conglomerates of UAE, the Group according to their senior managing director Colin Cordey is fully committed to the Pakistani market and together with Renault, they are glad to have acquired the land.
In order to develop a world-class and modern factory the Group is looking forward to work with Faisalabad Industrial Estate Development and Management Company (FIEDMC), also it is believed that this is a very optimal location for manufacturing and assembly of the plant.
This project will create many jobs and will also attract significant foreign direct investment said the managing director.
Fabrice Cambolive, SVP, Chairman of Africa, Middle East and India Region of Renault said that, the acquisition of land was the first important step in the project with Al-Futtaim Automotive in order to bring Renault vehicles into Pakistan.
Formal construction will be launched in the fourth quarter of 2018 but the design and pre-engineering are already underway.
Once completed the assembly plant will have the capacity of over 50,000 units per annum. The factory will start production in 2020 according to Al-Futtaim and Renault.