Saudi Arabia to invest $400m to $1bn in Pakistan

Al-Qarnain Group
Saudi Arabia to invest $400m to $1bn in Pakistan

ISLAMABAD: Al-Qarnain Group has planned to invest $400 million in the first couple of years and would increase this investment to over $1 billion in the coming five years.

This was stated by Al-Qarnain Group of Saudi Arabia CEO Eyad Al-Baaj during a meeting on Tuesday with Minister of State and Board of Investment Chairman Saleem H Mandviwalla to discuss the investment opportunities in various sectors of mutual interest of Saudi Arabia and Pakistan. Baaj and M Iqbal had called on Mandviwalla.

He said these funds would become part of the foreign direct investment in Pakistan. The group is interested to invest in the energy, building and construction, hotel and hospitality and automobile sector in Pakistan. Baaj also showed interest in construction of Independent Power Plants (IPPs) with the production capacity of 150-200 megawatts (MW).

“The Al-Qarnain Group is coming into a joint venture with a Pakistani cement company Dandore. The current capacity of the Dandore Company is 350 metric tonnes, which will be enhanced up to 7,500 metric tonnes a day after this joint venture,” said Baaj.

He further informed that we are aware of the energy crisis in the Pakistan and our group is interested to construct IPPs with the production capacity of 150-200 MW. He further explained that to overcome the energy shortfall, the group is also interested in the production of solar panels, installation and back up services to the consumer.

Being one of the biggest construction companies of Saudi Arabia, the group also submitted proposal for the construction of low-cost housing schemes in Pakistan.The group also showed interest to install state-of-the-art assembly plant for heavy trucks and buses with a comprehensive licence from Belarus. The group intended to not only fulfil the local demand but its main target is to export it to the Gulf, Africa and other buyers around the globe. – Dailytimes