PIF-backed Lucid rents land at Emaar EC for its Saudi EV plant

PIF-backed Lucid rents land at Emaar EC for its Saudi EV plant
PIF-backed Lucid rents land at Emaar EC for its Saudi EV plant

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Jeddah - Yasmine El Tohamy - Pakistan’s Fatima Group seals $1bn industrial deals with Saudi, Chinese companies

RIYADH: Pakistani industrial corporation, Fatima Group, signed two deals valued at $1 billion in total, with Saudi firm Sarh Attaqnia Co., and China Machinery Engineering Company (CMEC), at Expo 2020’s Pakistan pavilion during agriculture week.  

Sarh Attaqnia Co., a Saudi engineering and construction company focused on infrastructure and building projects, is said to be investing in the development of an agricultural value chain that includes sustainable grain crop production, processing, warehousing, and export marketing to help ensure regional food security. 

In Pakistan, technical partner CMEC will assist in the adaptation of climate-smart precision agricultural farm gear, enhanced high-yielding seeds, and other crop inputs. 

“We are grateful to our Chinese and Saudi counterparts who have put their trust and faith in us. I am hopeful that this landmark will lead to many more such partnerships and investment opportunities for the future,” said chairman of Fatima Group, Mian Fawad Ahmed Mukhtar.

Fatima Group's head of agriculture business unit, Hassan Ahmad, stated that the company is open to joint venture prospects with UAE partners.

With over $1 billion in sales, the Fatima Group is one of Pakistan's fastest expanding industrial enterprises, with holdings in fertilizers, energy, textiles, sugar, cement, and venture capital investments.

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