groupe renault and al-futtaim renault and al-futtaim sign agreements to assemble and distribute...
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![Page 1: Groupe Renault and Al-Futtaim Renault and Al-Futtaim sign agreements to assemble and distribute Renault vehicles in Pakistan Groupe Renault and Al-Futtaim today announced that they](https://reader034.vdocuments.us/reader034/viewer/2022051321/5b008dc77f8b9a89598cc8b4/html5/thumbnails/1.jpg)
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
![Page 2: Groupe Renault and Al-Futtaim Renault and Al-Futtaim sign agreements to assemble and distribute Renault vehicles in Pakistan Groupe Renault and Al-Futtaim today announced that they](https://reader034.vdocuments.us/reader034/viewer/2022051321/5b008dc77f8b9a89598cc8b4/html5/thumbnails/2.jpg)
numerousbusinessesacross29countries.Al-Futtaimglobalautomotiveoperationsextendto11marketsacrosstheMiddleEast,AfricaandSouthAsia,andPakistanrepresentsoneofthemostdynamicopportunitiesintheseregions,inparticularduetothenewAutomotiveDevelopmentPolicy.Asiscustomaryforsuchprojects,thefinalizationofthetransactionremainssubjecttoanumberofconditions,mainlyrelatingtorelevantregulatoryapprovalsfromPakistaniauthorities.Thepartiesexpectthattheplantwillbebuiltstartingthefirstquarterof2018inKarachiasperGroupeRenaultstandards,andcarsalesareplannedtostartin2019,rampingupin2020.