A SAUDI Arabian investment group has increased its stake in international bridge building company Cleveland Bridge.

The Al Rushaid Investment Group has upped its holding from 58 per cent to 88.5 per cent, strengthening Cleveland's ability to bid for more work in the US, where large bonds are required.

Al Rushaid Investment is the eleventh largest group in Saudi Arabia, with an annual turnover in excess of £600m.

Chairman Sheikh Abdullah Al Rushaid said: "The decision to take advantage of the opportunity to increase our level of investment in the Cleveland Bridge Group reflects our high level of confidence in the organisation's future."

Cleveland Bridge, celebrating its 125th anniversary this year, was a management buy- out from Kvaerner in May 2000. Led by retiring chief executive Tony Rae, the company has been enjoying an increasingly healthy measure of success with more than £150m of work in hand.

Derek Pattle, chief operations officer for the group said: "Our drive for increased profit and growth continues unchanged and we aim with renewed enthusiasm to build on the success we have enjoyed since the management buyout."

The group is in a joint venture to build the first major suspension bridge in the US for more than thirty years.

Past projects include the Victoria Falls Bridge, Sydney Harbour Bridge, Canary Wharf Office Tower, and the Humber Bridge.