Saudi cement demand to remain flat in 2023

Cement demand in Saudi Arabia is forecast to remain flat in 2023 before expanding by five per cent YoY in 2024, according to a report by SICO Bank. Cement demand fell by 1.8 per cent YoY in November 2022, despite the previous month being the strongest October since 2015. For the whole of 2022, SICO predicts demand to have declined by one per cent YoY.

Looking ahead, 2024 growth is expected to be driven by a boom in construction activity on the back of developments in the tourism sector and the hosting of various international events, reports Zawya. The 2029 Asian Winter Games are being held in Trojena, the mountain destination that forms part of the NEOM development in Saudi Arabia, which is due for completion in 2026. In addition, Riyadh is being hailed as a serious contender to host EXPO 2030.