Skip to main content

Saudi Arabia drops export bans on cement

Published by , Editor
World Cement,


Reuters are reporting that Saudi Arabia has lifted a ban on exporting cement.

The relaxing of the ban comes as Saudi Arabia’s construction industry is suffering from the impact of lower oil prices, which has resulted in the government cutting back on spending on many projects.

Cement companies have welcomed the move but are awaiting details of the new rules from the Ministry of Commerce.

The Saudi government imposed a ban on cement exports in 2008 to push prices down and accommodate demand from large government-funded infrastructure projects, although some companies were allowed to export at prices lower than those in the local market.

Shares in cement companies jumped on the news, with the cement index finishing the day 5.3% higher. Southern Province Cement Company and Saudi Cement, the two largest cement firms by market value, rose 5.8% and 5.7% respectively.


Edited from source by Joseph Green. Source: Reuters

Read the article online at: https://www.worldcement.com/africa-middle-east/13042016/saudi-arabia-drops-export-bans-cement-890/

You might also like

The World Cement Podcast - CleanTech & Venture Capital

Our guest for this episode of the World Cement Podcast is Alfredo Carrato, Venture Capital Advisor for CEMEX Ventures. Listen in to the conversation as World Cement's Senior Editor, David Bizley, and Alfredo discuss the role of venture capital and cleantech in enabling the cement industry's green transition.

Tune in to the World Cement Podcast on your favourite podcast app today.

Apple Podcasts  Spotify Podcasts  YouTube

 
 

Embed article link: (copy the HTML code below):