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Pakistan’s Fatima Group inks $1b deals with Saudi, Chinese firms

Officials of Fatima Group, China Machinery Engineering Company, and Sarh Attaqnia Co. at the agreement signing ceremony in Dubai - Supplied
Officials of Fatima Group, China Machinery Engineering Company, and Sarh Attaqnia Co. at the agreement signing ceremony in Dubai - Supplied

Pakistan has over 20 per cent of its GDP linked with agriculture and about 64 per cent of the human resources are associated with it



By Waheed Abbas

Published: Sat 26 Feb 2022, 4:27 PM

Fatima Group, one of the largest industrial conglomerates in Pakistan, has signed two memorandums of understanding (MoUs) worth over $ billion with two key global agriculture stakeholders – China Machinery Engineering Company (CMEC) from China, and Sarh Attaqnia Co. (SAC) from Saudi Arabia.

A formal signing of the business partnership was held at the Pakistan Pavilion, in line with the ongoing Agriculture Week, at Expo 2020 Dubai.

Fatima Group, one of Pakistan’s fastest growing industrial conglomerates with more than $1 billion in revenues, has interests in fertilisers, energy, textiles, sugar, cement, and venture capital investments.

CMEC, as a technology partner, will help with the adaption of climate-smart precision agriculture farm machinery, improved high-yielding seeds, and other crop inputs in Pakistan. In addition, Sarh Attaqnia Company is a key partner that will invest in developing a state-of-the-art agriculture value chain encompassing sustainable production, processing, warehousing, and export marketing of grain crops to help ensure regional food security.

“We as a country are blessed with immense potential and I strongly believe that with the right partners we can create a big difference not just for Pakistan’s food security but the entire region’s. 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 Mian Fawad Ahmed Mukhtar, chairman of Fatima Group and CEO of Fatima Fertilizer.

Pakistan has over 20 per cent of its GDP linked with agriculture and about 64 per cent of the human resources are associated with it. This collaboration will potentially unlock a tremendous amount of the untapped land resources of Pakistan by bringing fallow lands under cultivation for sustainable production of crops like rice, barley, oats, silage bales for livestock, and the dairy industry under the Corporate Agriculture Farming initiative.

Fatima Group, along with the Trade Development Authority of Pakistan, are holding a range of events at the Pakistan Pavilion in Expo 2020 Dubai showcasing its commitment to help ensure regional food security, agricultural innovation, and women empowerment in the agriculture sector of Pakistan.

Hassan Ahmad, head of Agriculture Business Unit at Fatima Group, said the firm is open to joint venture opportunities with the UAE partners.

“Pakistan can serve as a food basket for the entire Middle East region because the country’s agriculture market is huge, estimated to be nine trillion rupees and contributes 20 per cent to its GDP. We are open for joint ventures and collaboration with the UAE companies,” added Ahmad.

waheedabbas@khaleejtimes.com


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