Lucky Cement, Noor Investment sign MoU

Lucky Cement, Noor Investment sign MoU
Published: 16 May 2008

Lucky Cement has signed a Memorandum of Understanding (MoU) with Noor Financial Investment Company (Noor) for the supply of 500,000tpa of clinker for a period of five-years with additional option of 150,000t each year.

The MoU will allow Lucky Cement to further enhance its exports to the Middle East under a guaranteed offtake agreement. Middle East, at present, is undergoing a construction boom and countries like UAE, Kuwait, Iraq and Qatar are facing shortfall of cement.

Noor is the financial arm of National Industries Group (NIG), one of the largest industrial conglomerates in Middle East.