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FINANCIAL NEWS
Saudi imposes restrictions on cement export licenses
25 Jul 2011
(MENAFN) Saudi Ministry of Commerce and Industry’s undersecretary, Saleh Al Khaleel, said that in order for the Kingdom to have enough cement to meet its growing demand in the construction sector, Saudi imposed new restrictions on cement export licenses, reported Gulf News.
Al Khaleel added that under the new rules, the ministry would have to make sure there would be enough supply and stock of cement in the domestic market at a price of USD53 per tone and USD2.6 per bag in order for the company to export the surplus quantity.
He also said that the precautionary measure followed the royal decree to construct 500,000 housing units to the poor, as well as the construction boom in the Kingdom due to major projects in Riyadh, Jeddah and Makkah.
It is worth noting that a number of development projects are under various phases of implementation in the holy city of Makkah, including the expansion of the Haram Mosque and Jabal Omar Project.
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