UK-based Standard Chartered Private Equity (SCPE) has acquired a minority stake in Saudi Arabia’s Construction Products Holding Company (CPC).

SCPE acquired the stake through an investment of $75m. CPC will use the proceeds of the investment for expansion purposes.

CPC is a subsidiary of the local Saudi Binladin Group, the kingdom’s largest construction company. Binladin was recently awarded the $1.2bn contract to build the world’s tallest tower in Jeddah (MEED 3:8:11).

The investment is SPCE’s first in the kingdom.