Groupe Renault and Al-Futtaim Renault and Al-Futtaim sign agreements to assemble and distribute...

GroupeRenaultandAl-FuttaimsignagreementstoassembleanddistributeRenaultvehiclesinPakistan

GroupeRenaultandAl-FuttaimtodayannouncedthattheyhavesigneddefinitiveagreementsfortheexclusiveassemblyanddistributionofRenaultvehiclesinPakistan.“GroupeRenaultisdelightedtoextenditsinternationalfootprintbyenteringPakistan,afast-growingmarketwitha10%annualgrowthrate.BypartneringwithAl-Futtaim,averyprofessionalandrenownedautomotivepartner,GroupeRenaultaimstobecomeamajorplayerinPakistan.Weaimtobringourlatestproductsandcutting-edgetechnologyandsetnewbenchmarksofsafetyandqualityinthemarket,”saidFabriceCambolive,SeniorVicePresident,ChairmanoftheAfricaMiddle-EastIndiaRegionoftheGroupeRenault.“Withapopulationofover200million,afast-growingeconomyandavibrantmiddle-class,Pakistanisundoubtedlyaveryimportantstrategicgrowthmarketforus.WeareveryexcitedtorepresentGroupeRenaultwhichisamongthetopautomotivebrandsworldwide,andaleadingEuropeancarmanufacturerenteringthismarket.WewillendeavortoaddrealvaluetothePakistaniautosectorandconsumer,andtocreateaworld-classorganisationinPakistan.Al-FuttaimalsolooksforwardtoaverylongandsuccessfulpartnershipwithGroupeRenault,”saidLenHunt,PresidentofAl-FuttaimAutomotive.TheagreementswillseeGroupeRenaultbringitslatestproductsandtechnologicalknow-how,whilstAl-Futtaim,throughitsnewsubsidiaryAl-FuttaimAutomotivePakistan(Private)Limited,willestablishanewmanufacturingandassemblyplant,andexclusivelydistributeRenaultcarsthroughitsextensiveknowledgeofthemarket.Al-Futtaimhasbuiltconsiderablestrengthandcredibilityindeliveringgreatcustomerexperiencesthroughits

numerousbusinessesacross29countries.Al-Futtaimglobalautomotiveoperationsextendto11marketsacrosstheMiddleEast,AfricaandSouthAsia,andPakistanrepresentsoneofthemostdynamicopportunitiesintheseregions,inparticularduetothenewAutomotiveDevelopmentPolicy.Asiscustomaryforsuchprojects,thefinalizationofthetransactionremainssubjecttoanumberofconditions,mainlyrelatingtorelevantregulatoryapprovalsfromPakistaniauthorities.Thepartiesexpectthattheplantwillbebuiltstartingthefirstquarterof2018inKarachiasperGroupeRenaultstandards,andcarsalesareplannedtostartin2019,rampingupin2020.