SIECO inks SAR 35 mln export deal with Al-Safwa Cement

Saudi Industrial Export Co. (SIECO) on Wednesday signed an agreement with Al-Safwa Cement Co. – a closed joint stock firm - to export Portland cement and clinker, the company said in a bourse statement.

The one-year deal, which came into effect immediately, is valued at over SAR 35 million.

SIECO will export 72,000 tons and 400,000 tons of Al-Safwa’s Portland cement and Portland clinker, respectively, and represent the cement producer before customers outside the Kingdom.

No related parties are involved in the deal, SIECO said, adding that the related financial impact will be disclosed by the end of this year.