Saudi approves licence for new Riyadh plant

Saudi approves licence for new Riyadh plant
11 February 2014

Saudi Arabia's minister of commerce and industry, Dr Tawfiq bin Fawzan Al-Rabiah, approved the licence for the establishment of Baha Cement Co, in Riyadh, with a share capital of US$106.7m (SAR400m).

According to the Saudi Press Agency, 50 per cent of the company's shares will be held by the project's partners, and the remaining 50 per cent will be offered to the Saudi public.

The Minister's approval came within the framework of the state's policy to enhance economic activities in various sectors. In April last year, Saudi Arabia's ruler HH King Abdullah bin Abdulaziz Al Saud, ordered around US$800m to be set aside for the construction of four new cement factories alongside the import of 10Mt of cement to offset cement shortages and ensure supplies for mega infrastructure and housing development projects planned for the kingdom.

Published under Cement News