Saudi cement producer, Tabuk Cement, has been issued a cement export license by the Ministry of Commerce and Investment, according to a statement to the Saudi Stock Exchange. The license is valid for a year from the date of issue, the company added.
The company joins fellow cement producers, Al Jouf Cement and Najran Cement, in securing a license to export its cement.
Saudi producers have been hit by a downturn in demand for cement, hitting the sectors profitability and leaving many with high stockpiles. Growth in 2017 is also expected to remain slow, leading companies to take their chances on the export market.