National Cement Committee chairman expects demand to rise steadily in 2020

11/08/2020 Argaam

 

The cement sector is expected to witness steady demand over the remaining months of 2020, Al Riyadh newspaper reported, citing chairman of the National Cement Committee of the Council of Saudi Chambers, Jehad AlRasheed.

 

He pointed out that there was an increase in demand in H1 2020 as a result of the expansion of housing projects in line with the Kingdom’s plans to help more citizens buy homes.

 

“We have seen a significant rise in the demand rates following the return of economic activity and the lifting of curfew across the Kingdom.”

 

AlRasheed further clarified that demand rates grew 35% year-on-year (YoY) during Q1 2020. However, the sector was affected by the precautionary measures of COVID-19 in Q2 2020.

 

Demand for cement declined nearly 20% YoY in H1 2020, he noted.

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