A 10-member delegation of Al-Tuwairqi Group of Companies, the largest Saudi private sector billet making plant, has arrived in Karachi to look into the prospects of setting up a $ 100 million steel billets plant near Pakistan Steel.
Pakistan government has already allowed the Saudi Group to set up the plant for 100 percent export, and agreed to declare the area as 'Export Processing Zone' (EPZ). In addition, Pakistan Steel has also agreed to provide 100 acres land for this project, besides extending necessary PS facilities.
Now the delegation, led by group vice-chairman and CEO, Tariq Barlas, is scheduled to have a follow-up meeting in Karachi with Minister for Industries and Production, Liaquat Ali Jatoi, on January 13 to discuss the proposed project.
The Saudi Group had showed its interest to invest in Pakistan during the visits of Minister for Privatisation Dr Abdul Hafeez Sheikh and Chairman of Export Promotion Bureau (EPB), Tariq Ikram, to Saudi Arabia last year.
The Al-Tuwairqi Group of Companies is one of the leading business concerns of Saudi Arabia since 1977.
The group has made phenomenal growth in last two decades and in 1999 made its entry in top 100 companies of Saudi Arabia.
The group consists of Al-Ittefaq Steel Products Factory, National Steel & Iron Factory, Al-Faisal Products Factory, The International Electrical Products Establishment (TIEPCO), Thames Steel Limited and SMD Scientific & Medical Division.