New cement plant for Saudi Arabia

New cement plant for Saudi Arabia
Published: 25 October 2005

Al-Jazira Cement, a new cement company with a capital of 1.2 bln Saudi riyals (US$320m), will start operations in Saudi Arabia, local media reported on October 22, 2005.   The company will be headquartered in the capital Riyadh and will build a cement plant in Hafr al-Batin, eastern Saudi Arabia. The plant is projected to have an annual output of 2.5Mt. Al-Jazira Cement’s capital will be divided into 24 million shares with a par value of 50 riyals (US$13.33) The company’s founders will subscribe to 60-70 per cent of its capital, and the remainder will be offered for public subscription in Saudi Arabia and the Gulf countries in 2006. The cement output of Saudi Arabia’s eight listed cement companies rose to 6.456Mt in the first quarter of 2005, from 6.169Mt a year earlier.