Multilateral development bank Arab Petroleum Investments Corp (APICorp) announced it acquired a 30 per cent stake in Bahrain’s Falcon Cement Co (FCC), one of the largest cement producers in Bahrain.

FCC has a current capacity of 1000tpd and is well on its way to more than double its production capacity to 2400tpd by 2017.

The cement company is expected to capitalise on a series of major industrial and infrastructure projects that are fuelling the kingdom’s construction industry. The US$72.7bn project pipeline includes long-term projects such as the US$3bn King Hamad Causeway, scheduled for completion in 2025.

Dr Raed Al Rayes, the deputy CEO and general manager of Apicorp, said: "We are delighted to acquire a 30 per cent stake in FCC, Bahrain’s largest cement producer. We believe this is a high growth sector for Bahrain and the investment assists us in diversifying our investment portfolio."

The deal was completed with regional partner, GFH Financial Group. On the deal, Hisham Alrayes, Hisham Alraves, GFH group CEO, said: "We very much appreciate the support of Apicorp. In the first transaction between the firms, GFH and Apicorp have agreed to work together as strategic shareholders of FCC to enhance, expand and improve the business of the company, its valuation, and financial returns. We are confident that this collaboration will help support the continuous growth of not only Bahrain’s economy, but the region as a whole.”