Dubai's Al-Futtaim signs agreement to assemble, sell Renault cars in Pakistan
The assembling plant in Karachi could become operational as early as the first quarter of next year.
(Web Desk) - Groupe Renault and Al-Futtaim today (Monday) announced that they have signed definitive agreements for the exclusive assembly and distribution of Renault vehicles in Pakistan.
“Groupe Renault is delighted to extend its international footprint by entering Pakistan, a fast-growing market with a 10% annual growth rate. By partnering with Al-Futtaim, a very professional and renowned automotive partner, Groupe Renault aims to become a major player in Pakistan. We aim to bring our latest products and cutting-edge technology and set new benchmarks of safety and quality in the market,” said Fabrice Cambolive, Senior Vice President, Chairman of the Africa Middle-East India Region of the Groupe Renault.
Groupe Renault and Al-Futtaim sign agreements to assemble and distribute Renault vehicles in Pakistan
The agreements will see Groupe Renault bring its latest products, while Al-Futtaim, through its new subsidiary Al-Futtaim Automotive Pakistan (Private) Limited, will establish a new manufacturing and assembly plant, and exclusively distribute Renault cars through its extensive knowledge of the market.
Al-Futtaim has built considerable strength and credibility in delivering great customer experiences through its numerous businesses across 29 countries. Al-Futtaim global automotive operations extend to 11 markets across the Middle East, Africa and South Asia, and Pakistan represents one of the most dynamic opportunities in these regions, in particular due to the new Automotive Development Policy.
“With a population of over 200 million, a fast-growing economy and a vibrant middle-class, Pakistan is undoubtedly a very important strategic growth market for us. We are very excited to represent Groupe Renault which is among the top automotive brands worldwide, and a leading European car manufacturer entering this market. We will endeavor to add real value to the Pakistani auto sector and consumer, and to create a world-class organisation in Pakistan. Al-Futtaim also looks forward to a very long and successful partnership with Groupe Renault,” said Len Hunt, President of Al-Futtaim Automotive.
The parties expect that the plant will be built starting the first quarter of 2018 in Karachi as per Groupe Renault standards, and car sales are planned to start in 2019, ramping up in 2020.
Details regarding the production capacity at the plant and what models could be built there have not been revealed.
