Bahrain Mumtalakat Holding Company has signed an agreement with NYSE-listed Mueller Industries, a leading manufacturer and distributor of flow control and industrial products, and GCC-based Cayan Ventures, an industrial projects developer and investor, to establish the first copper tube manufacturing facility in Bahrain.

The investment in the facility will reach about $40 million, addressing the increasing demand for quality copper tubes in the Middle East and North Africa (MENA) region, according to Bahrain News Agency.

Mumtalakat, the investment arm of Bahrain, clarified that the copper tube mill will be located at the Bahrain International Investment Park, and that the business will operate and market its products under the Mueller family of brands.

Mueller will be the technical and marketing lead in the venture with a 40% ownership of the joint venture; Mumtalakat will be responsible for providing on the ground support, including procuring regulatory approvals for establishing the business, and will hold a 30% stake in the joint venture.

Meanwhile, Cayan will invest, structure, and mobilise the project and will also hold a 30% stake in the joint venture.