Tabuk Cement Company has received a credit worth SR500 million to support the expansion of its cement plant. The agreement was signed with Bank Albilad and will help to fund the second phase of construction of a new production line at the 5000 tpd plant. The rest of the project is self-financed.
Saudi Arabia’s cement industry is under pressure to increase capacity as the Kingdom is undergoing a construction boom. Reports suggest some US$30 billion will be spent on cement over the next two years, giving rise to a wave of expansions across the Kingdom as well as increased imports. Tabuk Cement Company plans to begin commercial production of the new line in 4Q15. Based on a feasibility study, the company believes the expansion will meet the cement demand of Tabuk and neighbouring areas. The project includes a clinker production line, power station and desalination plant.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/07102013/tabuk_cement_signs_credit_agreement_for_expansion_project_260/