Beirut (APD) - Najran Cement Company will sign today a deal with the Saudi-based Nesma and Alfadl Contracting Company to construct for Najran Cement a cement plant and auxiliary facilities at a cost of SR 933 million ($249 million), the Saudi-based business daily Al Iqtisadiah reported Wednesday.
"Under the contract Nesma would build the cement plant and a residential city comprising 36 villas - 6 villas for top executives, 96 family apartments, and Najran Cement's headquarters - in addition to facilities such a school, a medical dispensary and others," Najran Cement's chairman Mohammed Abal Ula said.
"The factory has a fully paid capital of SR 1.05 billion ($280 million) and the plant which will be named Najran Cement Factory will have a strategic location in Najran - Saudi Arabia.
"The project will be completed in March 2007 with the exception of the company's headquarters which is scheduled to be completed in less than 12 months," Abal Ula said.
This is the first license for the land, which has an area of 300 square kilometers, to be granted by the Saudi Ministry of Oil and Mineral Resources (MOMR) after the mineral resources new regulations.
"We have to import iron but existing raw materials such as sandstone, sand, limestone, clay and gypsum are in abundance," the chairman said indicating that the current shareholders number 20 and that plans for an IPO are already in the work for the near future. [SN-FC]
© APD (Arab Press Digest) 2005
