Hail Cement Company has announced a USD31.5m housing contract in a joint venture deal with Teberak Trading and Contracting Company and Mo B. Co. for Civil Construction in Saudi Arabia.
A statement posted on the Tadawul website said the employee housing project, located adjacent to the cement plant in Turbah about 220km north of Hail, will be completed in four phases.
The first phase will be completed in 11 months, the second in 14 months, the third in 16 months and the fourth in 18 months.
Hail Cement Company became the tenth cement firm to list on the Tadawul in Riyadh when it began trading late September last year.
The Saudi cement supplier is aiming to take advantage of the high demand for the material in the Kingdom on the back of high government spending on construction projects and a burgeoning private developer market.
The ever-expanding cement industry in Saudi Arabia is booming on the back of billions of dollars of construction projects funded by the government across all building, infrastructure, health, education and airport sectors.
And despite an increasingly saturated market for the material, cement companies are still seeing strong sales and rises in the price of their shares on the Tadawul, Saudi’s stock exchange.
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