The company forecasts that the Saudi government’s revenues will suffer from the low oil prices and that this will likely impact upon infrastructure projects in the pipeline.
Africa & The Middle East
The World Cement Association has welcomed the Cement Producers Association of Iraq (CPAI) as an Affiliate Member of its international network.
Bamburi Cement Group delivered improved profitability for the full year ended December 2019, posting a 17% jump in profit before tax to KShs 0.73 billion as compared to KShs 0.62 billion in 2018.
The company receives thanks for its N500 million intervention fund to provide medical infrastructure, food and essential medications to its host communities in response to the COVID-19 pandemic.
As reported by the Eghtesadonline news website, over 17.5 million tons of clinker and cement were exported from Iran in the past Iranian calendar year.
The company has donated 350 bags of rice and 22 500 facemasks to Okpella, Okpekpe, Ibie and Elele Communities.
The company has announced the successful issuance of NGN 100 billion series 1 fixed rate senior unsecured bonds, due April 2025, under its NGN 300 billion bond programme.
Yanbu Cement Company (YCC) signed an agreement in early 2020 for an efficiency upgrade, focusing on reducing heat and power consumption.
The country’s government is still pursuing investments in the energy market, which is a positive outturn for the construction industry in Egypt, GlobalData reports.
In light of an increased number of COVID-19 cases in the region and a slump in oil prices, GlobalData has cut its construction output growth forecast for the MENA region for 2020 to - 0.8%.
The company is donating equipment including generators, ambulances and critical personal protection equipment (PPE) to help combat the COVID-19 pandemic.
The data and analytics company has revised its construction output growth forecast for Sub-Saharan Africa (SSA) in 2020 to 3.6%, down from the previous projection of 6% (Q4 2019 update).