Riyadh Cement signs $14.9M contract

Logo of Riyadh Cement Co.

Riyadh Cement Co. signed today, Sept. 14, a contract with Tianjin Cement Industry Design & Research Institute Co. for the Industrial Beacons Project, valued at $14.9 million (approximately SAR 55.9 million), excluding VAT.

In a Tadawul statement, the company said the 24-month contract covers the implementation of the Industrial Beacons Project in accordance with the agreed scope of work, including digital transformation, automation, process optimization, artificial intelligence, predictive maintenance, energy consumption optimization, and other technical scopes.

The project’s financial impact is expected to be reflected in the company’s financial results based on the implementation phases, with gradual operational and financial benefits expected throughout the execution period, the company noted, adding that there are no related parties to the deal.

Riyadh Cement said the contract is part of its strategy and program for operational and digital transformation, adding that the project aims to enhance operational efficiency, productivity and competitiveness, supporting its long-term strategic objectives.

The company added that achieving the project’s targeted objectives will require supporting investments in infrastructure development, value-added facilities, and related equipment, as needed, to enable full implementation of the project and achieve its operational and digital transformation objectives.