groupe renault and al-futtaim renault and al-futtaim sign agreements to assemble and distribute...

Groupe Renault and Al-Futtaim sign agreements to assemble and distribute Renault vehicles in Pakistan Groupe Renault and Al-Futtaim today announced that they have signed definitive agreements for the exclusive assembly and distribution of Renault vehicles in Pakistan. “Groupe Renault is delighted to extend its international footprint by entering Pakistan, a fast-growing market with a 10% annual growth rate. By partnering with Al-Futtaim, a very professional and renowned automotive partner, Groupe Renault aims to become a major player in Pakistan. We aim to bring our latest products and cutting-edge technology and set new benchmarks of safety and quality in the market,” said Fabrice Cambolive, Senior Vice President, Chairman of the Africa Middle-East India Region of the Groupe Renault. “With a population of over 200 million, a fast-growing economy and a vibrant middle-class, Pakistan is undoubtedly a very important strategic growth market for us. We are very excited to represent Groupe Renault which is among the top automotive brands worldwide, and a leading European car manufacturer entering this market. We will endeavor to add real value to the Pakistani auto sector and consumer, and to create a world-class organisation in Pakistan. Al-Futtaim also looks forward to a very long and successful partnership with Groupe Renault,” said Len Hunt, President of Al-Futtaim Automotive. The agreements will see Groupe Renault bring its latest products and technological know- how, whilst Al-Futtaim, through its new subsidiary Al-Futtaim Automotive Pakistan (Private) Limited, will establish a new manufacturing and assembly plant, and exclusively distribute Renault cars through its extensive knowledge of the market. Al-Futtaim has built considerable strength and credibility in delivering great customer experiences through its

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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

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

numerousbusinessesacross29countries.Al-Futtaimglobalautomotiveoperationsextendto11marketsacrosstheMiddleEast,AfricaandSouthAsia,andPakistanrepresentsoneofthemostdynamicopportunitiesintheseregions,inparticularduetothenewAutomotiveDevelopmentPolicy.Asiscustomaryforsuchprojects,thefinalizationofthetransactionremainssubjecttoanumberofconditions,mainlyrelatingtorelevantregulatoryapprovalsfromPakistaniauthorities.Thepartiesexpectthattheplantwillbebuiltstartingthefirstquarterof2018inKarachiasperGroupeRenaultstandards,andcarsalesareplannedtostartin2019,rampingupin2020.

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