The El-Khayyat Cement, a new greenfield cement project, is being launched and it will add 1Mt to the Saudi cement sector. The move is made at a time when the Kingdom is gearing up for massive construction projects including the SR100bn King Abdullah Economic City in Rabigh.
An agreement was signed yesterday to appoint Riyad Bank as a financial adviser to structure private placement and project financing for the cement project.
Riyad Bank President and CEO Talal Al-Qudaibi and El-Khayyat Red Bricks Manufacturing General Manager Mazen Ahmed Khayyat signed the deal at El-Khayyat Commercial Center.
Abdul Majeed Mobarak, executive vice president and head of corporate bank, Riyad Bank, Ghazali Inam, vice president and senior corporate finance officer of Riyad Bank and senior officials of El-Khayyat group and Riyad Bank were among those present.
PEG, S.A. has been retained as consultant and project manager for the design and construction of the cement plant, which will also include a dedicated inside-the-fence electric power plant as part of the project.