Pakistan’s Fatima Group signs $1 billion deals with Saudi and Chinese firms – Reuters
Officials from Fatima Group, China Machinery Engineering Company and Sarh Attaqnia Co. at the signing ceremony of the agreement in Dubai – Supplied
Pakistan has more than 20% of its GDP linked to agriculture and about 64% of human resources are associated with it.
Fatima Group, one of Pakistan’s largest industrial conglomerates, has signed two MoUs worth over billions of dollars with two key players in global agriculture – China Machinery Engineering Company (CMEC) of China and Sarh Attaqnia Co. (SAC) of Saudi Arabia.
An official signing of the business partnership took place at the Pakistan Pavilion, as part of the ongoing agriculture week at Expo 2020 Dubai.
Fatima Group, one of Pakistan’s fastest growing industrial conglomerates with over $1 billion in revenue, has interests in fertilizers, energy, textiles, sugar, cement and investments in venture capital.
CMEC, as a technology partner, will contribute to the adaptation of climate-adapted precision agricultural machinery, improved high-yield seeds and other agricultural inputs in Pakistan. In addition, Sarh Attaqnia Company is a key partner that will invest in the development of an advanced agricultural value chain encompassing the sustainable production, processing, storage and export marketing of grain crops to help ensure the regional food security.
“As a country, we are blessed with immense potential and I strongly believe that with the right partners, we can make a big difference not just to Pakistan’s food security, but to that of the entire region. 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 Mian Fawad Ahmed Mukhtar, Chairman of Fatima Group and CEO of Fatima Fertilizer.
Pakistan has more than 20% of its GDP linked to agriculture and about 64% of human resources are associated with it. This collaboration will potentially unlock a huge amount of Pakistan’s untapped land resources by bringing fallow land into cultivation for sustainable production of crops like rice, barley, oats, silage bales for livestock and dairy industry as part of the Corporate Agriculture Farming initiative.
The Fatima Group, together with the Trade Development Authority of Pakistan, is organizing a series of events at the Pakistan Pavilion at Expo 2020 Dubai to show its commitment to help ensure regional food security, agricultural innovation and women’s empowerment in Pakistan’s agricultural sector.
Hassan Ahmad, Head of Agriculture Business Unit of Fatima Group, said the company is open to joint venture opportunities with UAE partners.
“Pakistan can serve as a food basket for the entire Middle East region because the country’s agricultural market is huge, estimated at nine trillion rupees and contributes 20% of its GDP. We are open to joint ventures and collaboration with UAE companies,” Ahmad added.