RIYADH, Sept 23 (Arab News): Cement sales in Saudi Arabia saw an annual increase of 1.8 per cent in the second quarter of 2024, reaching 10.85 million tonnes, according to recent data.
Figures released by Al-Yamama Cement showed that 95 per cent of these sales were domestic, with only 5 per cent being exported. The data covers 17 Saudi cement companies, with Al-Yamama holding the largest share of domestic sales at 12 per cent, amounting to 1.28 million tonnes, despite a 7 per cent decline during the period. Qassim Cement followed with a 10 per cent share, selling 1.06 million tonnes domestically.
Valued at $1.07 billion in 2023, Saudi Arabia's cement market is poised for robust growth, with an anticipated compound annual growth rate of 6.10 per cent through 2029, according to ResearchAndMarkets.com, a global market research firm.
The Kingdom's ambitious Vision 2030 initiative, which emphasizes infrastructure development across sectors like transportation, utilities, healthcare, and tourism, is a major driver of the cement industry's growth.
Large-scale projects, including the Riyadh Metro and mega-projects like NEOM and Qiddiya, are significantly boosting demand, reinforcing its vital role in Saudi Arabia's construction industry.
Saudi Cement, Yanbu Cement, and Southern Cement each held a 9 per cent share of the domestic market in the second quarter of 2024, with sales of around 920,000 tonnes each.
The highest growth in domestic sales was recorded by Umm Al-Qura Cement, which saw a 68 per cent increase to 371,000 tonnes.
Saudi cement sales rise 2pc to reach 10.85m tonnes
FE Team | Published: September 23, 2024 23:55:14
Saudi cement sales rise 2pc to reach 10.85m tonnes
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