FAISALABAD – Dubai-based conglomerate Al-Futtaim has announced the acquisition of an industrial plot of land to set up a new automotive plant to build Renault vehicles in Pakistan.
The facility will be set up at M-3 Industrial City in Faisalabad, which is Pakistan’s largest special economic zone, the company said in a statement.
“Al-Futtaim is fully committed to the Pakistani market and to this project,” said Colin Cordery, senior managing director of Al-Futtaim Automotive International.
“We, together with Groupe Renault , are delighted to have completed the land acquisition, which is an important milestone in the project.”
The design and pre-engineering work of the project is well underway, and on-site activities will commence shortly.
Construction is set to start in the fourth quarter of 2018 and once completed, the assembly plant will have a total installed capacity of over 50,000 units per annum.
Al-Futtaim and Renault said they expect that the factory will commence production in 2020.