ISLAMABAD, Dec 15: The National Logistics Cell (NLC) has signed an agreement with a Middle Eastern company, Majid Al Futtaim Group of Companies, to jointly form a private limited company in Pakistan and invest in the real estate sector.

The share capital of the company would be Rs60million initially. The NLC would own 45 per cent of the company while the remaining 55 per cent would belong to the group. The agreement was signed last week.

The NLC has also reached a similar Rs30billion agreement with Enshaa group of Mauritius, sponsored by the Abraaj Capital of UAE and Emirates Investment Group. Majid Al Futtaim has successfully brought the concepts of regional shopping malls and hypermarkets and changed the face of shopping, entertainment and leisure in the Middle East and North Africa (MENA).

Established in 1992, the Group is currently active in a number of markets throughout the Middle East and North Africa, including the UAE, Egypt, Bahrain, Lebanon, Oman, Saudi Arabia and Qatar.

The Group consists of several core businesses that complement each other, but are separately managed. This gives maximum flexibility and potential, enabling the operating divisions to seize their own opportunities, as well as work together on major projects.