Global signs deal to build cement unit in Tunisia

Kuwait City: Global Investment House (Global) announced yesterday that it has signed an agreement with Bina Holding of Tunisia to jointly develop Carthage Cement, a Greenfield cement plant with a capacity of two million tonnes per annum along with a ready mix and brick plant.

The company also acquired of one of the largest quarries in North Africa, spread across 220 hectares, of which 30 hectares are presently excavated and already into gravel production and generating revenues. The quarry, with estimated limestone deposits of 250 million tonnes, is located close to the capital and the main commercial port of Tunis.

Production of cement in Tunisia has grown 13-fold during the last 30 years growing from 500,000 tonnes a year in 1976 to almost seven million tonnes in 2007.

Various large real estate projects have been granted to experienced GCC investors. Tunisian cement plants are under pressing demand from exports especially from Libya and Algeria.

Omar Al Quqa, executive vice-president at Global, said: "The cement plant has come at an appropriate time, and it will help in facilitating the large scale infrastructure and real estate investments taking place in Tunisia. The quarry has huge deposits of prime quality limestone."