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Wed 4 Jun 2008 12:54 PM

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Bahrain's Khaleeji plans $2bn building supplies firm

New firm, called Binaa, will trade in cement mix, steel, aluminium and glass, CEO says.

Bahraini Islamic lender Khaleeji Commercial Bank is setting up a $2 billion building materials company, a Bahraini newspaper reported on Tuesday.

The new company, expected to be called Binaa, will trade in cement mix, steel, aluminium, glass and other materials, a report in Bahrain's Gulf Daily News newspaper said.

"There is a huge opening in the market at the moment for a building supply company that can serve both the institutional and retail segments," the newspaper quoted Khaleeji Commercial Bank Chief Executive Ebrahim Ebrahim as saying.

More than $1 trillion of infrastructure projects are in the pipeline in the Gulf Arab region and demand for construction materials outstrips supply, pushing prices higher.

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