United Arab Emirates-based Arkan Building Materials Co said it would invest in a Dh100 million ($27.23 million) piling venture with Kyung In Co of South Korea.

Arkan will invest 65 percent of the company's capital and Kyung the rest, Arkan said in a statement on the Abu Dhabi bourse Web site.

The new company will be incorporated in the first quarter, it said.  -Reuters