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Thu 20 Sep 2012 11:35 AM

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Saudi’s Al-Qarnain Group to invest $1bn in Pakistan

Construction firm interested eyes energy, construction and hospitality projects in Pakistan

Saudi’s Al-Qarnain Group to invest $1bn in Pakistan
(Picture for illustration purposes only)

Saudi Arabia’s Al-Qarnain Group plans to invest up to $1bn in Pakistan over the next five years, the firm has said.

The construction company said it would invest $400m in the first phase of investment, increasing it to $1bn within five years. Areas of interest include energy, building and construction, hospitality and the car industry, it said in a company statement.

The Al-Qarnain Group has formed a joint venture cement company with the Pakistan cement company Dandore, which will boost production capacity from 350 metric tonnes per day to 7,500 metric tonnes, said chief executive Eyad Al-Baaj.

The firm will look to construct 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.

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