Oman's Raysut Company is to establish a subsidiary firm, named Barqaaqo Cement Company, to supply cement to the African country of Somalia.
Raysut will possess a 51% stake in Barqaaqo Cement.
The cement manufacturer also plans to build a terminal in Duqm, easing the cement supply strain.
During the period ending 30 June 2015, the group earned a revenue of RO 46 825 721 in comparison with RO 49 495 277 in the same period of the previous year and achieved net profit after tax of RO 10 964 883 for the six months ending 30 June 2015 against RO 15 587 029 during the corresponding period of last year.
New research by GlobalData’s MEED has shown that the commercial value of construction contracts issued in the Gulf Cooperation Council (GCC) fell by more than 50% in the first eight months of 2020 compared to the same period in 2019.