Jun 15 2005 |
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New cement factory in offing in Northern Border Region
The Al Qassiem Cement Co. and the Tabouk Cement Co. have signed a memorandum of understanding, initially to complete the process of economic viability studies for the establishment of a new cement factory in the north of the Kingdom. Both companies would hold equal shares in the new factory.The new cement factory would be owned by a new company, separately. The President of the Board of Al Qassiem Cement Co., Prince Abdul Rehman Al Abdullah Al Faisal said that this agreement is the first of its kind in the field of cement production, between the two companies. The new cement factory is being established in response to the demands of the inhabitants of the Northern Border Region.
Prince Al Faisal added that studies are being carried out to determine the most suitable location for the factory. In this respect, four sites have been suggested in the north of the Kingdom. The final decision regarding the selection of the site requires coordination with the Governorates of the region and the Ministry of Petroleum and Mineral Resources. He said that it would take approximately 3 years to build and finally complete the factory.
The President of Al Qassiem Cement's board did not determine the amount of the new cement company's capital or even its production capacity. He indicated that these things would be determined according to the estimates worked out by the team conducting the economic viability study. The team is engaged in its work for quite some time. He revealed that there is intention to invite the inhabitants of the region to participate in the new company, which he hoped would be an open shareholding enterprise.
Prince Al Faisal said that the affiliation with Tabouk Cement was worked out in view of the requirement of the Saudi economy, especially after the Kingdom's anticipated entry into the World Trade Organization. It is hoped that the new project would be of benefit to the Saudi economy, especially in view of the rising demand for cement in the Kingdom, and particularly in the Northern Border Region.
© Saudi Economic Survey 2005
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