Saudi: City Cement Co invest in alternative energy project

City Cement Co intends to invest SAR25m (US$6.7m) in an alternative energy project, the Saudi-based producer said in a bourse statement yesterday.

The project, anticipated to be completed by the end of the first half of 2015, will be carried out by Chinese engineering company Sinoma.

Without providing further details, City Cement said it will use own funds and/or Murabaha financing for the initiative.