StanChart invests in Saudi Arabia

The private equity arm of financial services group Standard Chartered has secured a stake in a Saudi construction company in a deal worth $75m.

The UK-listed bank revealed its buyout arm had taken a minority stake in Construction Product Holding Company, a subsidiary of Bin Laden Group.

Taimoor Labib, head of Middle East and North Africa private equity for Standard Chartered, said: "The company has a long track record of growth and returns to shareholders and is well positioned to continue to be the leader in the Saudi Arabian market and also achieve its regional growth plans." The move will see Standard Chartered take a seat on the board and will advise on the company's capital structure and its expansion plans.