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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