Danube to invest Dh40m in Bahrain

Dubai-based Danube Building Materials plans to invest Dh40 million in Bahrain’s steel market, the company has announced. Danube officials said the investment is part of the company’s plans to target the booming construction market in Bahrain. The GCC steel trade is expected to cross $200 billion (Dh735bn) in 2010, according to latest studies, as a result of the ever-growing construction sector across the GCC countries. The ‘Middle East Steel 2008 Report’ from Meed reported projects worth $2trn are planned or under way in the Gulf, with less than one quarter awarded. Rizwan Sajan, Chairman, Danube Building Materials, said: “Bahrain continues to be one of the key markets for steel in the Middle East, given its burgeoning steel imports to feed its huge consumption, and we believe the presence of a dedicated steel facility in the country will give us a definite advantage in supplying this market with our very high-quality products. “Through this investment, we expect to facilitate a steady supply of steel products to be used in the construction of current and future projects in the country, as well as in the region.” The steel market in Bahrain, which has been predominantly catered to by Saudi Arabia-based mills and Qasco-Qatar, has opened up recently. “As we intend our Bahrain steel manufacturing facility to be the premier source of steel and its products in the country, we are also investing considerably in product development and effective marketing plans. We are currently eyeing around Dh120m in annual revenues from our steel operations in Bahrain,” said Sajan. business24-7.ae