UAE-based company Majid Al Futtaim increased investment in Pakistan by PKR 1 billion. The company added the huge amount to its current investment of PKR 9.5 billion in Pakistan.
The massive investment comes as the UAE company recently opened its 10th location of the popular supermarket Carrefour in Gujranwala. With the new supermarket, residents of Gujranwala will experience an elevated shopping experience.
Adviser to Prime Minister on Commerce and Textiles Abdul Razak Dawood also confirmed the news on Twitter. Important to note, Majid Al Futtaim operates over 375 Carrefour stores in 17 countries.
“I have been informed that recently UAE-based Majid Al Futtaim in Pakistan invested a further Rs 1 billion to its current investment of Rs 9.5 billion in Carrefour,” Abdul Razak tweeted.
Furthermore, the Adviser to PM revealed that Pakistan’s retail sector is growing due to such mega investments. Additionally, he congratulated Majid Al Futtaim on the achievement and invited companies to invest in Pakistan as the government will provide them with full support.
“I want to congratulate Majid Al Futtaim on the achievement and urge the business community to invest in Pakistan. Government of Pakistan and institutions will give full support to them,” the Adviser said.
I want to congratulate Majid Al Futtaim on the achievement and urge the business community to invest in Pakistan. GOP and institutions will give full support to them.🤝 2/2@aliya_hamza @investinpak @MajidAlFuttaim @carrefour_pak #Pakistan #Investinpakistan #UAE #Retail
— Abdul Razak Dawood (@razak_dawood) January 12, 2022
It is indeed an achievement for Pakistan as its retail sector shows promising growth. Pakistan’s retail sector contributes almost 20% to GDP and is among the fastest-growing sectors.
UAE’s mega investments in Pakistan
According to a report by the State Bank of Pakistan (SBP), UAE-based firms made an investment of around $220 million in the past five years.
As a result, Pakistan witnessed a transformation, which included step-by-step improvement in ease of doing business, digitisation of local economy and investor-friendly policies.
Also, Ambassador of UAE in Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi revealed that Dubai-based investors were keen to enter Pakistan and invest in various sectors of the country.
Recently, UAE-based Galaxy Racer (GR), one of the leading global esports companies, announced an investment in Pakistan. To clarify, GR aim’s to build the country’s esports and gaming industry. This will begin “a new era of tech partnership” between Pakistan and UAE.