Raysut Cement Holds Groundbreaking Ceremony for US$30 million Duqm Plant in Oman
Raysut Cement Company (RCC), Oman’s largest cement manufacturer held a groundbreaking ceremony triggering the start of the construction of its new US$30 million grinding unit in Duqm in Oman.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201115005125/en/
Raysut's groundbreaking ceremony for US$30 million Duqm plant. (Photo: AETOSWire)
The development of Duqm plant, a strategic expansion for the Muscat Stock Market-listed RCC will complement the company’s leadership in cement manufacturing adding another 1 million tonnes to the group output, taking the total to 7.4 million tonnes per annum.
“The groundbreaking is a milestone for RCC on two counts. It will contribute significantly to our ambitious capacity expansion targets of 10 million tonnes by 2022, expected to be further scaled up to 22 million tonnes in the near future. Second, it will help us generate more employment opportunities aiding our efforts to enhance social and economic progress in Oman,” said Group CEO, Joey Ghose.
Last year September, RCC had signed a land lease and Port of Terminal services agreement with Port of Duqm Company SAOC as part of the development of the new grinding unit.
“The new grinding unit will add more muscle to our capability to cater to the regional and global markets of RCC which continues to expand with new investments and acquisitions in Oman, Asia and East Africa,” said Mr. Salim bin Ahmed bin Alawi Al Ibrahim, Acting Deputy Group CEO.
RCC’s investments are calibrated to ensure that these are in locations where demand is high and locally available additives are at close proximity, he said, adding that the Duqm unit will help the company consolidate and strengthen its presence in Oman and the neighboring Gulf markets.
RCC has been on a spree of expansion through M&As and new investments in Oman as well as globally in the past one year.
Last May 2019, RCC acquired Sohar Cement Company SAOG in Oman at USD 60 million. RCC had also announced developing a new green field 1.2 million tonnes per annum cement plant near Tbilisi, Georgia in Eastern Europe, at an investment outlay of US$200 million last October. The plant will be developed by RCC’s wholly-owned subsidiary in the UAE, Pioneer Cement Industries, which owns concession to limestone mines in Georgia.
RCC’s latest acquisition was a majority takeover of LafargeHolcim’s cement terminal at Thilafushi Islands in Maldives in October this year. Last year, the company had also announced investing US$40 million in a new grinding unit in Berbera, Somaliland in East Africa.
“Our aim is to develop RCC into a global leader in cement manufacturing, supply and exports, and the development of Duqm is an important element in this strategy. Our expansions are dovetailed to the opportunities that exist and are upcoming in the markets we focus on, like for instance in East Africa, a booming market for the next 50 years,” said Mr. Ghose.
*Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20201115005125/en/
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