By Daliah Merzaban
Kuwait-UAE joint venture MRC-Q to invest in aluminium, lead, copper, iron and steel businesses.
Kuwaiti logistics firm Agility has agreed to set up a joint venture firm to invest in regional industries including steel with a unit of Abu Dhabi investment firm Al-Qudra Holding, Al-Qudra said on Saturday.
Al-Qudra subsidiary Q Industrial and MRC, the industrial investment arm of Agility, agreed to establish MRC-Q to invest in aluminium, lead, copper, iron and steel businesses, Al-Qudra said in a statement.
It gave no details on how large of a stake Agility would hold or how much it would invest in the venture.
Agility, the biggest Gulf Arab logistics firm, has said it is expanding abroad to reduce exposure to US government deals supplying troops in Iraq and elsewhere.
Al-Qudra, which has 30 units operating in real estate, transport and infrastructure, said in October it would sell shares in an initial public offering (IPO) in the first quarter.
Kuwait's Global Investment House and Al-Qudra said last week they planned to set up an investment bank in Abu Dhabi to tap growth in the second-largest Arab economy.
Agility said last week it would invest $29.2 million in a logistics company in Abu Dhabi with the emirate's Mubadala Development Company and Dubai's Bateen Investment Company. (Reuters)