A surge in construction activities due to The Red Sea Development Co., AMAALA and other development projects in Saudi Arabia such as NEOM and Qiddiya is expected to drive the recovery of the cement industry after the demand dwindled last year and early this year on account of the pandemic.
Mazen Al-Sudairi, head of research at Al Rajhi Capital, expects construction activity to boom on the back of rising commodity prices that have soared significantly this year, according to a cement report released by the asset management firm in late March.
The cement industry witnessed slow growth and contractions in 2021, except for April and May. The cement market in Saudi Arabia is concentrated with 17 market players in the country, according to Argaam.
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