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FINANCIAL NEWS
India’s J.K. Cement to build USD149.7m cement plant in Fujairah
15 Jan 2012
(MENAFN) India’s J.K. Cement’s Ltd Vice President, N. Gowrishankar, said that the company started the construction of a USD149.7 million cement factory in Fujairah, reported Gulf News.
Gowrishankar added that the plant, which would be commissioned in 2013, would have an output capacity of 600,000 tons of white cement annually, with the flexibility to change its operation to produce 1 million tons annually of grey cement.
He also said that the new cement plant would help boost the UAE’s cement production and help the growing construction sector in the GCC, mainly Saudi and Qatar, which are considered growth markets.
It is worth noting that the construction sector in the Middle East and North Africa (MENA) region will be expected to continue to be supported by government spending in Saudi, Qatar and Abu Dhabi during the current year, according to Fitch Ratings.
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