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Cement industry updates: Oman and Saudi Arabia

Published by , Editor - Hydrocarbon Engineering
World Cement,

Oman Cement Company

According to local reports, Oman Arab Bank (OAB) has signed new banking facilities for Oman Cement Company’s (OCC) cement mill no. 5. OAB is one of the leading banks in the Sultanate, and provides a range of products and services in retail banking, corporate and project finance, investment banking, and trade finance. The bank has participated in the financing of several industrial projects and other development projects in various sectors. The agreement was signed by Jamal bin Shamis al Hooti, CEO of OCC, and Amin al Husseini, CEO of OAB, and will include a term loan in addition to the letters of credit.

Saudi Cement Company

Saudi Arabia’s largest cement manufacturer, Saudi Cement Company (SCC) has posted a 6.2% fall in second quarter net profit. The decline was attributed to falling local demand, which impacted the company’s sales revenue. Net profit totalled SAR288 million (US$76.8 million) in the three months ending 30 June 2014, compared with SAR307 million recorded in the same period a year earlier.

Edited from various sources by Rosalie Starling

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