Raysut Cement Company SAOG, the Sultanate’s biggest cement producer, has announced plans to set up a cement grinding unit in the Special Economic Zone (SEZ) at Duqm with an investment of around $30 million. The announcement came in a filing to the Capital Market Authority (CMA) yesterday.
Ghose Jyotirmoy Pratul Krishna, CEO, said the proposed plant will be designed and built to produce around one million tonnes of cement per annum.
The project — one of a slew of cement-related investments planned in Duqm SEZ — will support the zone’s substantive requirement for cement and concrete as mega industrial and infrastructure materialise in the coming years. Significantly, the project is the latest in a string of investments designed to expand Raysut Cement’s domestic and regional footprints.
Last week, the MSM-listed cement producer signed financing terms with Bank Nizwa for funding the development and expansion of Sohar Cement, which it had acquired earlier this year. Sohar Cement, located in Suhar Industrial City, is the Sultanate’s third cement mill after Oman Cement and Raysut Cement. The plant features a cement-grinding unit with a capacity of 1.7 million tonnes per annum.
In July, Raysut Cement announced a partnership with MSG Group of Companies, a business-housed based in Somaliland, for the establishment of a major cement grinding plant at Berbera in Somaliland in the Horn of Africa.
The partnership, it said, plans to set up a 1 million tonnes per annum capacity cement plant with an estimated investment of around $40 million. Raysut Cement will own a 55 per cent shareholding in the new project, with MSG retaining the balance 45 per cent.
Last December, Raysut Cement revealed that it was exploring the potential acquisition of ARM Cement of Kenya as part of the company’s aggressive strategy to expand in East and Central Africa. Furthermore, the company is exploring opportunities in the Horn of Africa, Uganda and Georgia as well.
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