IIB Invests In Local Sugar Refinery

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Bahrain-based firm International Investment Bank (IIB) has announced its acquisition of a 14.29% stake in sugar refinery that will be established in the Hidd industrial area, marking its first entry into the food and drink sector. The estimated cost of the refinery is US$157mn and will be the first of its kind in the country and the third within the Gulf Cooperation Council (GCC) region. With an annual production capacity of 585,000 tonnes of white sugar annually, it is expected to be in operation within two years. Production will be exported throughout the Middle East, a region with a considerable