Najran to be Saudi Arabia’s first cement maker to issue Sukuk, says CEO

Najran Cement Company will be the first cement maker in Saudi Arabia to raise its capital through the issuance of Islamic bonds, or sukuk, as recommended by its board last Thursday, chief Executive Mohamed Aba al-Ala told Okaz newspaper.

The company, which currently produces 17,000 tons of cement per day, has no expansion plans in the near future, he said.

The cement maker has also completed a SAR 168 million electricity generation project to cover its energy needs, he added. Najran will soon inaugurate the company’s first green cement factory to cut 145,000 tons of carbon dioxide emissions.