Al-Futtaim Renault Pakistan on Tuesday announced the acquisition of an industrial plot to set-up an automotive plant for the manufacture and assembly of Renault vehicles in Pakistan.
The facility will be set up at M-3 Industrial City in Special Economic Zone Faisalabad.
“Al-Futtaim is fully committed to the Pakistani market and to this project,” said Colin Cordery, Senior Managing Director of Al-Futtaim Automotive International.
“This project will bring significant Foreign Direct Investment to Pakistan, and also create many direct and indirect jobs,” he added.
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.
“Renault is renowned for the safety and quality of its cars. We will bring cutting-edge and leading European technology to the Pakistani consumer through a modern distribution and dealership network,” commented Yasser Alvi, CEO of the Al-Futtaim Renault Pakistan project.