Gulf Biotech Company, a venture backed by Saudi investors, plans to set up a new insulin factory in Bahrain at an investment of $93 million, said a report.

The project is being backed by an alliance involving global multinationals Merck, Helm and Linde, reported the Gulf Daily News, our sister publication.

The construction work on the new 16,000 sq m factory in Salman Industrial City will soon get underway and is expected to start operations in the next two years, the report added.

Commenting on the venture, Gulf Biotech chief executive Dr Riyadh Al Ashban said the plant is expected to start operations by mid-2015 with an initial production capacity of 42 million units.

"We expect to create around 250 jobs for Bahrainis and Saudis," he added.

According to Al Ashban, the products will match American and European specifications.

Gulf Biotech's key shareholders include Saudi-owned Al Roaya Gulf Group Holdings and the chairman of the company's board is Saudi Prince Sultan bin Fahad bin Abdulaziz.-TradeArabia News Service