Cement News tagged under: UAE

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Ras Al Khaimah White Cement becomes a subsidiary of UltraTech Cement Middle East

11 July 2024, Published under Cement News

Following UltraTech Cement Middle East Investments Ltd' s (UCMEIL) partial cash offer for acquiring shares (25 per cent) of Ras Al Khaimah Co for White Cement (RAKW) and Construction Materials PSC in May 2024, a shareholders' meeting  was held on 9 July and the final allotment of shares in the name of UCMEIL was announced on 10 July.  Together with the existing shareholding in RAKW ( UltraTech Group ), UCMEIL's aggregate shareholding in RAKW was increased to 54.39 per cent. Therefore, RA...

UltraTech proposes reduced cash offer for RAK White shares

26 June 2024, Published under Cement News

The UAE Securities and Commodities Authority has approved the strategic decision of Aditya Birla Group -owned UltraTech Middle East Investment’s regional operations. This decision involves reducing the size of its cash offer component for an additional stake in Ras Al Khaimah Co for White Cement & Construction Materials , a move that is expected to strengthen the company’s position in the market. According to local media, instead of putting up cash for 31.6 per cent in the RAK entity, ...

UltraTech Cement announces plans to acquire 31.6% stake in RAK Cement

28 May 2024, Published under Cement News

UltraTech Cement , a subsidiary of the Aditya Birla Group, has announced that it intends to acquire a significant 31.6 per cent stake in UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT). A partial acquisition cash offer was made by the company on 27 May for over 158,049,610 shares of RAKWCT's issues and fully-paid capital. The acquisition will be executed by UltraTech Cement Middle East Investments Ltd (UCMEIL), the UAE-based subsidiary of the Indian ce...

Fujairah Cement reports sales drop in 2023

27 March 2024, Published under Cement News

UAE-based  Fujairah Cement Industries has reported sales of AED343.81m (US$93.62m) in 2023. This marks a contraction from the AED374.58m seen in the previous year. The company has also recorded a net loss of AED265.53m in 2023, compared to the loss of AED143.85m in 2022, while the basic loss per share from continuing operations came in at AED0.74 in 2023, versus a loss of AED0.40/share in the previous year. 

Emirates Steel Arkan and Magsort collaborate on decarbonisation

26 February 2024, Published under Cement News

Emirates Arkan Steel (ESA) has announced a strategic collaboration with Magsort, a Finnish decarbonisation company, to drive an innovative initiative across ESA's Al Ain cement plant. The partnership, announced at the Cemtech MEA 2024 conference in Dubai last week, positions ESA’s cement operations at the forefront of sustainability and sets the stage for a transformative approach to green cement production.  The collaboration will initiate the first large-scale industrial pilot test,...

Prospects for the GCC industry

19 February 2024, Published under Cement News

The Gulf Cooperation Council (GCC) economy has come under pressure from falling oil revenues, but economic diversification is paying off. Moving into 2024, cement market growth is expected across the region, headed by construction projects in Saudi Arabia and UAE, but cement overcapacity continues to overshadow the production base. The GCC cement markets of Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain are poised for growth in 2024, lead by residential and commercial activ...

Gulf Cement Co sees revenue advance 33% YoY

16 February 2024, Published under Cement News

Gulf Cement Co has posted revenue of AED462.7m (US$125.99m) for 2023, up 33 per cent from the AED348.1m reported in the previous year. For 2023 the company saw a loss of AED21.84m versus a loss of AED30.46m in 2022. According to the company, the losses are the result of challenges including an increase in supply compared to demand, and falling cement and clinker prices in the local and export markets following dumping and intense competition. The global financial crisis has also had a m...

RAK White Cement posts AED20.5m profit in 2023

06 February 2024, Published under Cement News

Ras Al Khaimah Co for White Cement and Construction Materials has reported a net profit of AED20.54m in 2023, down 2.6 per cent from AED21.08m in 2022. Sales increased 3.3 per cent to AED255.89m in 2023 from AED247.66m in 2022. Basic earnings per share remained unchanged at AED0.04/share at 31 December 2023.

WCA endorses Industrial Deep Decarbonization Initiative at COP28

15 December 2023, Published under Cement News

The World Cement Association (WCA) has endorsed global government efforts to advance low-carbon cement and concrete production, announced at the 2023 United Nations Climate Change Conference (COP28) in Dubai.  The commitments made by Canada, Germany, the UK and the USA, member countries of the Industrial Deep Decarbonization Initiative (IDDI), include adopting timebound commitments to procure low-emission cement and concrete as well as steel. "The collective commitment of IDDI members to le...

GCCA welcomes COP28 transition deal away from fossil fuels

14 December 2023, Published under Cement News

For the first time, a deal has been agreed at COP28, the UN climate summit, which agrees to countries moving away from the use of fossil fuels. The agreement was reached after days of negotiations in Dubai, UAE. The text recognises the need for deep, rapid and sustained reductions if humanity is to limit temperature rises to 1.5˚C above pre-industrial levels. Welcoming the agreement, Thomas Guillot, CEO of the Global Cement and Concrete Association, said, “We welcome the progress made at ...