Wednesday, Jun 13, 2007
BEIRUT (Zawya Dow Jones)--Bahrain's BuildBlock Mideast will invest up to $150 million by 2010 to expand its operations in the region, a company official said Wednesday.
BuildBlock, a joint venture between Al Hayat Group and Garret & Co ME L.L.C., will partner local firms to build plants for production of insulated concrete forms, said Hadi Al Alawi, chairman and chief executive of Al Hayat.
"We have set up a joint venture early this year with a capital of $2 million to promote this type of building by using insulated concrete forms," Al Alawi told Zawya Dow Jones by phone.
"This firm will invest up to $150 million by 2010 by building plants that uses the same technology," he said.
Insulated concrete forms are foam blocks used in combination with steel-reinforced concrete in building construction.
"BuildBlock will sell the system to regional contractors and real estate firms that develop residential buildings," Alawi said.
Each plant for production of insulated concrete forms will cost around $1.5 million, he added.
-By Nadim Issa, Zawya Dow Jones, +961 1 985757, nadim@zawya.com
Copyright (c) 2007 ABQ Zawya Ltd.
(END) Dow Jones Newswires
13-06-07 1036GMT
