Khaleeji Commercial Bank (KHCB), a leader in innovative Islamic Finance products, announced today the intention to establish a building materials company to serve the construction wholesale and retail markets in the Gulf, Middle East and North Africa. The new company, which will be called Binaa, is expected to have a cumulative investment value of more than $US 2 billion. It will aim to achieve a consolidated total capacity of more than 32 million cubic meters of Ready-Mix Concrete (“RMC”), precast and cement blocks, per annum in addition to trading of building steel structure, aluminum, 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 Ebrahim H. Ebrahim Board Member and CEO of KHCB.
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