Saudi Arabian group planning $1b investment

Published: September 19, 2012

"The group would invest $400 million in the first couple of years and increase the investment to over $1 billion in five years," says Eyad Al-Baaj.

ISLAMABAD: Al-Qarnain Group of Saudi Arabia has said it is planning to invest $1 billion in the areas of energy, construction, hospitality and automobiles in Pakistan over the medium term.

Group’s Chief Executive Officer Eyad Al-Baaj, in a meeting with officials of the Board of Investment (BOI), apprised the Pakistani authorities of their investment plans, according to an announcement made by BOI here on Tuesday.

He discussed with BOI Chairman Saleem H Mandviwalla and Secretary Shaikh Anjum Bashir investment opportunities in various sectors of mutual interests of Saudi Arabia and Pakistan.

Al-Baaj said the group would invest $400 million in the first couple of years and increase the investment to over $1 billion in five years. These funds would become part of foreign direct investment in Pakistan and the group was interested in investing in energy, building and construction, hotel and automobile sectors, he added.

“The group is also entering into joint venture with Pakistani cement company Dandore. Current capacity of Dandore is 350 tons a day, which will be enhanced up to 7,500 tons,” he said.

The CEO stressed that the group was aware of the energy problems in Pakistan and was interested in constructing independent power plants with production capacity of 150 to 200 megawatts. The group is also keen on producing solar panels, their installation and back-up services to consumers.

Al-Qarnain, which is one of the biggest construction groups of Saudi Arabia, has also submitted proposals for construction of low-cost housing schemes in Pakistan.

In the automobile sector, the group plans to establish a state-of-the-art assembly plant for heavy trucks and buses with a comprehensive licence from Belarus. The CEO hopes that the plant will meet domestic demand, but its main target is to export vehicles to Gulf states, African countries and other buyers around the globe.

Published in The Express Tribune, September 19th, 2012.

Reader Comments (8)

  • antanu g
    Sep 19, 2012 - 6:29AM

    where are trots claiming no body wants to invest in pakistan. there apears to be a que…russia…china…korea…saudia…and many more. is it a sign of failed state?Recommend

  • isloo boy
    Sep 19, 2012 - 11:26AM

    the Pakistanis in gulf countries invest more in PAkistan like the world trade center and centaurusRecommend

  • livinginsaudi
    Sep 19, 2012 - 11:53AM

    Ive been living in saudi for the last 3 years, working in business development in the construction industry. Its a part of our routine to follow projects related to civil and electromechanical (high rise building, petrochemical plants, refineries, cement plants, airports). This is the first time i am reading about this company. I went on google and tried to do some research on the company but to no avail couldnt find any links other than this piece of news article.

    Recommend

  • Raza Khan
    Sep 19, 2012 - 2:20PM

    Plans in Pakistan hardly full filled!Recommend

  • anoop m
    Sep 19, 2012 - 2:45PM

    @Livingin saudi- I also tried to know about this company and the person named , it all came to nought. Very interested now to see how this news cropped up and by whom . And keen to see how incredible and funny this news world can be ….

    Recommend

  • Polpot
    Sep 19, 2012 - 5:12PM

    @livinginsaudi: ” This is the first time i am reading about this company”
    +++++++++++++++++++++++++++++++++++++++++++++++
    Dont worry this is also the last time that you are reading about this company:)

    No correspondent was brave enough to attach his name and there are no accompanying pictures.

    What takes the cake us the ET does not care to clarify this question on their integrity.

    Recommend

  • pk
    Sep 20, 2012 - 3:10AM

    @polpot @livinginsaudi if it was something like tht there would’nt be so much buzz on the net

    Recommend

  • rafiq
    Nov 11, 2012 - 10:50AM

    its surprising but fact that this article catch more of indian attention then pakistanies dont know why?

    Recommend

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