Khaleeji Commercial Bank of Bahrain has announced plans to set up a building materials company that will serve the construction wholesale and retail markets in the Middle East and North Africa (Mena).

The new company, which will be called Binaa, is expected to have a cumulative investment value of more than $2 billion and will aim to achieve a consolidated total capacity of more than 32 million cu m of ready-mix concrete, precast and cement blocks a year, in addition to trading in steel structures, aluminium, glass and various type of aggregates.
“Due to a variety of factors, 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,” said bank board member and chief executive officer Ebrahim H Ebrahim.
Gulf Organisation for Industrial Consulting (GOIC) has been working with Binaa as a market adviser to develop the market assessment and entry strategy.
China National Building Materials Company will serve as a strategic technical and trading partner in the venture.
Binaa has also created strategic partnerships with leading construction, real estate and infrastructure developers including South Korean construction company Sambu, Gulf Finance House, Abu Dhabi Investment House, Emirates Islamic Bank, Dubai Investment Company and Athman Investment Company.