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Saudi’s Riyadh Cement invests in two new projects for over $40mln

Saudi-listed Riyadh Cement is currently working on two projects with a combined cost of more than 150 million Saudi riyals ($40 million), according to an Arabic media report.

These projects aim to enhance operating reliability, optimise electricity consumption, and mitigate emissions, CEO Shoeil Al Ayed told Argaam, an Arabic financial website.

No details of the project were given.

He added that demand for cement is anticipated to increase in 2024 and beyond, driven by mega projects.

In November 2023, the cement producer signed a $34.8 million contract with Sinoma Energy Conservation Limited to establish a waste-heat-to-energy power plant with a capacity of 12.64 megawatts.

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