Pakistan’s Fatima Group strikes billion-dollar industrial deals with Saudi and Chinese companies
RIYADH: Pakistani industrial company Fatima Group has signed two deals worth a total of $1 billion with Saudi-based Sarh Attaqnia Co. and China Machinery Engineering Company (CMEC), at the Pakistan Pavilion at Expo 2020 during the agricultural week.
Sarh Attaqnia Co., a Saudi engineering and construction company focused on infrastructure and construction projects, would invest in the development of an agricultural value chain that includes sustainable grain production, processing, warehousing and export marketing to help ensure regional food security.
In Pakistan, technical partner CMEC will support the adaptation of climate-adapted precision farming equipment, improved high-yield seeds and other agricultural inputs.
“We are grateful to our Chinese and Saudi counterparts who trusted us. I hope this milestone will lead to many more such partnerships and investment opportunities in the future,” said Fatima Group Chairman Mian Fawad Ahmed Mukhtar.
The head of the Fatima Group’s agricultural business unit, Hassan Ahmad, said the company was open to joint venture prospects with partners in the United Arab Emirates.
With over $1 billion in revenue, Fatima Group is one of Pakistan’s fastest growing industrial companies, with holdings in fertilizers, energy, textiles, sugar, cement and venture capital investments.