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Saudi group to invest over $1bn in 5 years

Al-Qarnain Group of Saudi Arabia plans to invest $400 million in the first phase and would increase the investment over a billion dollars in the next five years, said a statement on Tuesday.

Eyad Al-Baaj, chief executive officer of Al-Qarnain Group, informed this to Saleem H Mandviwalla, the minister of state and chairman of the Board of Investment (BoI), at a meeting held to discuss the investment opportunities in various sectors of mutual interests.

These funds would become part of the foreign direct investment (FDI) in Pakistan and the group has shown interest to invest in the energy, building and construction, hotel and hospitality and auto mobile sector in Pakistan, it said.

The group is having a joint venture with a Pakistani cement company Dandore, he said, adding that the current capacity of the Dandore Company is 350 metric tons, which will be enhanced up to 7,500 metric tons per day after this joint venture, said Al-Baaj.

He also said that they are aware of the energy crisis in Pakistan and the group is interested to construct independent power plants with the production capacity of 150-200MW.

To overcome the energy shortfall, the Saudi group is also interested in the production of solar panels, installation and back up services to the consumer, he said.

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, he said, adding that the group is also interested to install a state-of-the-art assembly plant for heavy trucks and buses with a comprehensive licence from Belarus. The Al-Qarnain Group intends to not only fulfill the local demand but its main target is to export it to the Gulf, Africa and other buyers around the globe, he added.

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