Bahrain, Saudi to form $13 million joint venture

Bahraini and Saudi businessmen are to establish a five million dinar ($13.3 million) joint venture to import Saudi sand for construction projects, a Bahraini newspaper said Sunday.

<i>The Bahrain Tribune</i> said the joint venture firm, named Bahrain Saudi Sand Company, would be listed on the Bahraini Stock Exchange but did not say when.

"The official launch of the project (joint venture) will be announced after formal approvals from the regulatory authorities of both countries shortly," the paper quoted Bahraini businessman Farooq Almoayyed as saying.