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FINANCIAL NEWS
Saudi Al-Qarnain Group plans 1USDb investment in Pakistan
22 Sep 2012
(MENAFN) Saudi construction firm Al-Qarnain Group unveiled plans to spend up to USD1 billion in Pakistan over the next five years, Arabian Business reported.
The company said it would start with USD400 million investment, adding that it will focus on energy, building and construction, hospitality and the car industry.
The firm said also it plans to build an independent power plant with a production capacity of 150-200MW and is also interested in producing solar panels, installation and back up services. Other areas of interest include low cost housing schemes, it said.
CEO Eyad Al Baaj said that Al-Qarnain has formed a joint venture cement company with the Pakistan’s Dandore, which will boost production capacity from 350 metric tonnes per day to 7,500 metric tonnes.
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