Gulf Finance House (GFH), Bahrain's leading Islamic investment bank, has announced plans to create a US$2bn cement production company, Cemena - the largest in the Middle East and North Africa (MENA) region – to meet the surging demand of the region's US$2.4tn construction boom.
GFH chairman Esam Janahi states: "The tremendous growth in the MENA real estate sector, driven by a huge number of private and governmental infrastructure projects has created substantial demand for cement in the region. This, along with interest shown by European companies to secure supply for their markets from here, is the principle factor behind GFH and its strategic partners' plan to create Cemena."
GFH, which will partner with Emirates Islamic Bank, Holtec, and China National Building Material Group Corporation, hopes to supply at least 10% of the MENA cement market, which has become notoriously tight in recent years.
Last Updated July 28, 2008
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