GCC cement industry sets to grow at 9.5 percent

GCC cement industry sets to grow at 9.5 percent
Published: 09 November 2004

The cement industry of the Gulf Cooperation Council (GCC) countries is set to grow at an compounded annual growth rate of 9.5 per cent till 2006, local newspaper the Khaleej Times daily reported Tuesday.   According to a latest research report from the Global Investment House (GIH), the GCC cement industry’s share among the Middle East and North Africa countries is expected to surge to more than 35 per cent of the total consumption.   The consumption of cement in the region was 107.0Mt in 2002, up 7.1 percent over the previous year and grew by 7.3 percent to 114.7Mt at the end of 2003.  Planned big projects in the region are likely to keep demand for cement strong. Various countries are preparing to meet the anticipated demand boom by going in for expansion in cement capacities, said the daily.