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FINANCIAL NEWS
Saudi quarry production to reach 327m in 2014
24 Nov 2014
(MENAFN) The GCC construction sector has been steadily growing for the last two decades led by the United Arab Emirates (UAE) and Saudi Arabia, which resulted in Saudi deciding to increase its quarry production to top 327 million tons this year, Saudi Gazette reported.
This increase in quarry production in the Kingdom follows a similar increase in the UAE, which is currently producing a 106 million ton surplus in quarry products, with expectations that the production will continue to increase due to high demand of the products within the GCC countries.
Currently, the UAE is the world’s 3rd largest exporter of quarry products and is expected to add approximately 20 million tons annually from 2015 to 2019, with Saudi expected to seek to sign a new importing agreement with the its GCC neighbor to secure the resources necessary for the USD700 billion worth of projects the Kingdom currently has being either planned or underway.
The UAE currently produces most of it quarry in Fujairah, due to its strategic position to serve the GCC countries, as well as its high production levels, which are also increasing from their current 100 million tons to 145 million tons by 2019, with both Qatar and Kuwait as its largest importers.
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