Kuwait's Global to develop Tunisian cement plant

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MORE CEMENT: The Tunisian plant will have a capacity of 2 million tonnes per year. (Getty Images)

Kuwait's Global Investment House (GIH) will develop a greenfield cement plant with Tunisia's Bina Holding to meet growing demand for the construction material in the North African country.

Located near Tunis, Carthage Cement will have a capacity of 2 million tonnes a year, Kuwait's biggest investment bank by market value said in a statement on Wednesday.

"The cement plant... will help in facilitating the large scale infrastructure and real estate investments taking place in Tunisia," said Omar El-Quya, executive vice president at GIH.

Global did not give a cost or timeframe for the project.

Cement production in Tunisia has grown to almost 7 million tonnes in 2007 from 500,000 tonnes in 1976, according to GIH.

Global said it was also eyeing similar opportunities in Morocco and Algeria.

North Africa is increasingly becoming a target for Gulf investment firms as they seek to tap the growing economies and booming construction industry there.

Bahraini Islamic investment bank Gulf Finance House is planning a $3 billion project to build a financial park and real estate development near Tunis. (Reuters)

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