By Staff writer
Gulf kingdom's investment arm announces joint venture to build manufacturing facility; will create 200 jobs
The investment arm of Bahrain has announced an agreement to build the first copper tube manufacturing facility in the kingdom, creating 200 new jobs.
Bahrain Mumtalakat Holding Company said it is working with Mueller Industries and Cayan Ventures to invest about $40 million in the facility, which will address the increasing demand for quality copper tubes in the Middle East and North Africa.
The copper tube mill will be located at the Bahrain International Investment Park and will produce commercial copper tubes to serve regional air conditioning and refrigeration manufacturers.
The business will operate and market its products under the Mueller family of brands, a statement said.
Under the agreement, Mueller will be the technical and marketing lead in the venture with a 40 percent ownership of the joint venture.
Mumtalakat will be responsible for providing on the ground support, including procuring regulatory approvals for establishing the business, and will hold a 30 percent stake. Cayan will invest, structure and mobilise the project and will also hold a 30 percent stake.
Mahmood Hashim Al Kooheji, CEO of Mumtalakat, said: "We are delighted to have signed this strategic agreement with Mueller Industries and Cayan Ventures to develop the first regional copper tube manufacturing facility in the kingdom of Bahrain.
"Significant demand for high quality copper tubes in the region, almost entirely supplied by East Asia, made a compelling case for establishing this facility.
"This investment underscores Mumtalakat's continued commitment to partner with leading international players to facilitate their expansion into the kingdom. The facility will create over 200 jobs in Bahrain and will make a positive contribution to the local economy."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.