Saudi ministry issues three export licenses

Saudi Arabia’s Ministry of Commerce and Investment (MOCI) has issued three steel and cement export licenses, after the Kingdom said it would cancel all export duties on steel and halve cement export tariffs, Al Ektesadeya newspaper reported, citing the undersecretary for consumer protection at the ministry, Fahd Al-Hithli.

The licenses were given to two steel plants and a cement factory, said Al-Hithli, adding that the ministry received several export licensing requests, after the difference in fuel costs between the local and international market was redefined.

The report didn’t name the three companies.

Earlier in July, Saudi Arabia said it would cancel all export duties on steel for two years and slash cement export tariffs by 50 percent to encourage local industries and producers, and enhance competition, Argaam reported.