Saudi Arabia-based Northern Region Cement Co has signed a partnership agreement with Al-Diyar Al-Iraqia for Investments Co which sees the Iraqi company acquire 49 per cent of Northern Region Cement’s Iraqi investments.

The deal is valued at US$43.95m and proceeds will be used to inject external investments in promising opportunities and repay a portion of the high-cost loans amid high financing costs, according to a bourse disclosure.

The agreement will enable Northern Region Cement to achieve its goal towards a strategic partnership that will allow it to expand its investments in promising markets.

In the 9M23 Northern Region Cement’s net profits after zakat and tax reached SAR64.7m.