The Bahrain-based investment bank Gulf Finance House has announced plans to create a new steel company to serve the Middle East and North Africa (Mena) region.
To be called HadeedMena, the project has a value of $5bn and will deliver capacity of 8 million tonnes per year in the next four years, with a target of 12 million tonnes per year in the future. This represents 15 per cent of the region’s total needs.
HadeedMena will operate in a number of regions across Asia and Africa, serving upstream and downstream requirements.
Upstream production will be located in countries rich in iron ore and coal, while its downstream activity will target countries with high demand across the Mena region.
GFH is partnering with UAE-based Emirates International Investment Company, Khaleej Development Company, First Energy Bank, both local and the Qatar-based Q-Invest and First Energy Bank.