RAK Cement cancels cement plant acquisition plans

UAE-based Ras Al Khaimah Cement has reportedly cancelled a deal to acquire a cement plant and quarry as financing could not be arranged, according to Reuters.

While the name of the plant and quarry were not released in the statement, the company had previously planned to acquire the Newtech cement plant and Al Banna quarry in Fujairah. However, the deal, valued at AED450m (US$122.5m), was pushed back to the 2Q19 due to incomplete financing procedures.