Saudi Fund for Development has extended a 35 million Bosnian marka ($25.5 million) loan for a ring road project in Zenica, central Bosnia.

The contract signed by Yousef bin Ibrahim Al Bassam, the fund's vice-chairman and managing director, and Bosnia's Deputy Finance Minister, Fuad Kasumovic, builds on two other contracts signed with Saudi investors at a business forum this week, said a report in our sister publication, the Gulf Daily News.

Saudi Al Shiddi Group formed a joint venture on Thursday with Sarajevo-based construction company Ans Drive, with initial capital of $5 million, to engage in construction projects in Saudi Arabia.

Al Shiddi Group director Sulaiman Al Shiddi also signed a contract to form a joint venture with Bosnia's largest engineering group Energoinvest, with starting capital of $10 million.

Energoinvest, which has lost projects in Libya worth around 200 million euros ($288 million) because of turmoil there, hopes to make up lost ground with Saudi Arabia and other countries in the Gulf. – TradeArabia News Service