Northern Region Cement signs US$44m Iraq partnership

Northern Region Cement signs US$44m Iraq partnership
04 January 2024

Saudi Arabia-based Northern Region Cement Co has signed a partnership agreement with Al-Diyar Al-Iraqia for Investments Co which sees the Iraqi company acquire 49 per cent of Northern Region Cement’s Iraqi investments.

The deal is valued at US$43.95m and proceeds will be used to inject external investments in promising opportunities and repay a portion of the high-cost loans amid high financing costs, according to a bourse disclosure.

The agreement will enable Northern Region Cement to achieve its goal towards a strategic partnership that will allow it to expand its investments in promising markets.

In the 9M23 Northern Region Cement’s net profits after zakat and tax reached SAR64.7m.

Published under Cement News