A Saudi company has shown interest to invest 400 million dollars in auto mobile, energy, construction and hotel sectors. A meeting of Saudi Company and Board of Investment (BoI) was held here on Tuesday. According to details, Eyad Al-Baaj, CEO of Al-Qarnain Group of Saudi Arabia and Dr M Iqbal called on BoI Chairman Saleem H Mandviwalla to discuss investment opportunities in various sectors of mutual interest.
Eyad Al-Baaj apprised the BoI Chairman that the Al-Qarnain Group had planned to invest 400 million dollars in the first couple of years and would increase this investment over one billion dollar in the coming five years. "These funds would become part of the Foreign Direct investment in Pakistan. The group is interested to invest in energy, building and construction, hotel and hospitality and auto mobile sectors in Pakistan."
"The Al-Qarnain Group is launching a joint venture with a Pakistani cement company Dandore. The current production capacity of the Dandore is 350 metric tons which will be enhanced up to 7,500 metric ton a day after this joint venture", said Eyad Al-Baaj. The CEO of the Group further informed that "we are aware of the energy crisis in the Pakistan and our group is interested to construct IPPs having production capacity of 150-200MW."
He further explained that to overcome the energy shortfall, the group was 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 a state of the art assembly plant for the heavy trucks and busses with a comprehensive license from Belarus. The Al-Qarnain 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. During visit of Saudi Foreign Minister, Pakistan and Saudi Arabia agreed to develop a roadmap of collaboration.