Pakistan – The two companies have signed definitive agreements for the exclusive assembly and distribution of Renault models in the country. The new subsidiary Al-Futtaim Automotive Pakistan will start building a factory in Karachi in Q1 2018.
“Groupe Renault is delighted to extend its international footprint by entering Pakistan, a fast-growing market with a 10% annual growth rate,” said Fabrice Cambolive, senior vice-president and chairman of Renault’s Africa, Middle East and India Region, adding that the company intends 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,” he said.
Len Hunt, president of Al-Futtaim Automotive, commented, “With a population of over 200m, a fast-growing economy and a vibrant middle-class, Pakistan is undoubtedly a very important strategic growth market for us.” He said the company was looking forward to “a very long and successful partnership with Groupe Renault”.
Founded in Dubai in the 1930s, Al-Futtaim is now active in 29 countries including 11 markets in the Middle East, Africa and South Asia. In Pakistan, Renault sales are set to begin in 2019, ramping up in 2020. The deal awaits regulatory approval.