Jouf Cement, SIECO sign exports deal

Al Jouf Cement Co. (Jouf Cement) signed on Monday a memorandum of understanding (MoU) with Saudi Industrial Export Co. (SIECO) to export its cement products outside the Kingdom.

The MoU is effective immediately and valid for three months, both firms said in statements on Tadawul without disclosing the value of the deal.

The deal has no related parties, the statements added.

In February, Jouf Cement received a one-year export license from Saudi Arabia’s Ministry of Commerce and Investment, Argaam previously reported.

Saudi Arabia in July slashed cement export tariffs by 50 percent and cancelled all export duties on steel for two years, in order to encourage local producers and enhance competition.