Saudi Arabia: new cement firm to be set up in Riyadh

Saudi Arabia: new cement firm to be set up in Riyadh
Published: 24 June 2013


Saudi Arabia's Minister of Commerce and Industry, Dr Tawfiq bin Fawzan Al-Rabiah, has approved plans to establish a new cement producer in Riyadh City.

Umm-Al-Qura Cement will be established with a capital of SAR200m provided through 20m shares with a nominal value of SAR10.

According to the official Saudi Press Agency, the minister's approval for the new firm came in line with the kingdom's policy to boost economic activities, which is leading to a rash of major construction and infrastructure projects and concerns that there may not be enough cement to supply them.

In April, Saudi Arabia's ruler King Abdullah bin Abdulaziz Al Saud issued a directive for 10Mt of cement to be imported from neighbouring countries in a bid to prevent a shortfall, while US$800m was set aside with a view to building new plants.