Omani cement giants set up new JV

Tuesday, 16 May 2017 00:00 - - {{hitsCtrl.values.hits}}

Two of Oman’s leading cement producers Raysut and Oman Cement Company have joined hands to form a new venture - Alwasta Cement Company - to cater to a growing regional market, said a report.

Raysut Cement recently revealed in its first quarter report posted on the Muscat Securities Market (MSM), that the new joint venture company plans to set up a new cement project in the near future, subject to a detailed feasibility study, reported Times of Oman.

Although cement producers in the sultanate are facing tough competition from the UAE, demand for cement in the sultanate’s Al Wusta region is expected to grow substantially due to proposed infrastructure and industrial projects in the Duqm free zone and adjoining areas, it stated.

The major markets for the Raysut Cement are Oman, Yemen and the East African markets, while its subsidiary Pioneer Cement (a subsidiary of Raysut) focuses on the UAE and Oman markets. In southern Oman and southern Yemen markets, Raysut Cement is the major player, added the report.