Al-Rushaid takes Cleveland stake

20 October 2000

Jersey-registered The Cleveland Group of Companies has announced plans to invest in a new fabrication plant in Al-Khobar. The move follows the acquisition of 50 per cent of the group's shares by Al-Rushaid Investment, an affiliate of the local Al-Rushaid Group.

Cleveland says that the new plant will be a joint venture to be named Cleveland Oil & Gas Saudi Arabia. The plant, which will open at the end of 2001, will produce steel structures for the local market, as well as other steel products such as desalination facilities, pressure vessels, boilers and fired heaters and gas/oil separators.

The Cleveland Group also has a Dubaibased subsidiary, Cleveland Bridge & Engineering Middle East, which recently announced plans to expand production (MEED 18:8:00).

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