FAISALABAD – Dubai-based conglomerate Al-Futtaim has announced theacquisition of an industrial plot of land to set up a new automotive plantto build Renault vehicles in Pakistan.
The facility will be set up at M-3 Industrial City in Faisalabad, which isPakistan’s largest special economic zone, the company said in a statement.
“Al-Futtaim is fully committed to the Pakistani market and to thisproject,” said Colin Cordery, senior managing director of Al-FuttaimAutomotive International.
“We, together with Groupe Renault, are delighted to have completed the landacquisition, which is an important milestone in the project.”
The design and pre-engineering work of the project is well underway, andon-site activities will commence shortly.
Construction is set to start in the fourth quarter of 2018 and oncecompleted, the assembly plant will have a total installed capacity of over50,000 units per annum.
Al-Futtaim and Renault said they expect that the factory will commenceproduction in 2020.