Saudi Arabia: Yamama Cement secures US$266m for new plant

Saudi Arabia's Yamama Cement Company has secured SAR1bn (US$266.6m) to partially fund the building of a new plant, it said on Monday.

The three-year financing includes SAR750m from National Commercial Bank and SAR250m from Samba Financial Group, the company said in its statement.

The company signed a SAR4.2bn contract with thyssenKrupp Industrial Solutions in November 2015 to build the works, it said at the time. It will be located 100km outside the Saudi capital of Riyadh and boast a production capacity of 20,000tpd clinker.