Saudi building materials firms to cut production on excess supply

28/03/2017 Argaam

Manufacturers of building materials plan to close some production lines in order to get rid of surplus stock, said Saleh Al-Habdan head of the contractors committee at the Riyadh Chamber of Commerce.

 

He told Alriaydh newspaper that reviving the construction sector would depend on a recovery in government and private sector projects as prices of building materials have dropped due to a supply glut.

 

He said he expected a further decline in prices. Saudi steel and cement factories had earlier added new production lines based on an optimistic local market forecast.   

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