GFH plans to create $2b cement company

Dubai: Bahrain-based Islamic investment bank Gulf Finance House (GFH) on Monday said it plans to create a $2 billion cement company, Cemena, which is set to become one of the largest cement companies in the Middle East and North Africa (Mena) region.

GFH will be collaborating with strategic partners including the Associated Group, Emirates Islamic Bank, Capcorp and leading technical partners Holtec and China National Building Material Group Corporation (CNBM). The project will comprise of multiple plants located across the Mena region. It is estimated that production will begin in 30 months, and the target is to supply 10 per cent of the region's demand.

"We have consolidated a team comprising of one of the biggest cement companies, the cream of industry consultants and our own specialist teams to conceive this project," GFH chairman Esam Janahi said.