Mubasher: Arab Petroleum Investments Corporation (APICORP) announced on Monday that it has acquired a 30% stake in Falcon Cement Company (FCC), according to a press release.
The acquisition comes in line with the major industrial and infrastructure projects in Bahrain, which are stimulating economic activities and investments in the kingdom’s construction industry, according to the statement.
The statement added that the total value of the forecasted projects in Bahrain equals nearly $72.7 billion, with a 4.7% annual growth rate, according to the latest update from the Bahrain Economic Development Board.
The projects include the King Hamad bridge, which is expected to be completed by 2025, with a total investment of $3-billion, as well as the upgrade and expansion of the $5 billion Sitra oil refinery, owned by Bahrain Petroleum Company (BAPCO), the Bahrain Airport $1.1 billion expansion, and the $655-million National Oil and Gas Authority’s (NOGA) liquefied natural gas project.
