Qassim Cement, China's CDI sign initial deal for new Saudi plant

RIYADH: Qassim Cement Co. entered into a preliminary agreement with the China's CDI to establish a cement mill in its factory in Buraydah, according to a bourse filing.

The factory will have a capacity of 300 tons per hour and worth SR152 million ($40.48 million), it said.

The implementation period for the project is 15 months, the company said in a statement on the Saudi Stock Exchange, Tadawul.

Detailed contracts are now being prepared, which are expected to be signed before mid-January 2022.

The financial impact is expected to appear in the second quarter of 2023, the company said.