Saudi Arabia s Minister of Commerce and Industry, Dr. Tawfiq bin Fawzan Al-Rabiah, has approved plans to set up a new cement supplier in the capital city, Riyadh.
Umm-Al-Qura Cement will be set up with a capital of SR: 200m provided through 20m shares wtih a nominal value of SR: 10.
According to the official Saudi Press Agency, the minister s approval for the new firm came in line with the Kingdom s policy to boost economic activities, which is leading to a rash of major construction and infrastructure projects and concerns that there may not be enough cement to supply them.
In April, Saudi Arabia s ruler King Abdullah bin Abdulaziz Al Saud issued a directive for 10m tonnes of cement to be imported from neighbouring countries in a bid to prevent a shortfall, while $800m (DR: 3bn) was set aside with a view to building new plants.
