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First Bahrain sugar refinery set to operate early 2013

Bahraini Islamic lender, International Investment Bank (IIB) has announced the kingdom's first sugar refinery is slated to become operational in early 2013. The bank said in 2008 it had acquired a 14.29% stake in the Arabian sugar refinery to be set up in the Hidd industrial area at an estimated cost of $157m. The plant will produce 585,000 metric tonnes of refined sugar per year. Negotiations with potential buyers from neighbouring countries are underway, while a Saudi wholesaler has already agreed to own part of the plant, the lender said.