Saudi Arabian cement focus

Saudi Arabia is the largest country on the Arabian Peninsula, covering an area of 2.15 million km². It has land borders with Yemen, Oman, Qatar, Iraq, Kuwait, Jordan and the UAE. It also has an artificial land border with Bahrain via the King Fahd Causeway. The country is the world's number one oil producer and exporter, with 20% of proven world oil reserves. It has a large cement industry and expanding infrastructure projects that require a lot of cement.

Above: Summary statistics for the Saudi Arabia and its cement industry.

Introduction

The land that constitutes modern day Saudi Arabia was the historical cradle of Islam, which traces its history to the seventh century teachings of the prophet Muhammad. The territory was traditionally occupied by nomadic herders, except for those in major settlements like Medina and Mecca.¹

The modern-day Kingdom of Saudi Arabia traces its history back to 1932, after a 30 year campaign by Abd Al-Aziz bin Abd al-Rahman Al Saud to unify different factions on the Arabian Peninsula. He set up an Islamic state governed predominantly by Sharia Law and his male decendents have since taken to the throne as Kings of Saudi Arabia.

The current ruler is King Abdullah, who has been on the throne since 2005. His rule has seen the implementation of gradual moderate reforms in this conservative Islamic state, with accession to the World Trade Organisation in 2005, political and social reforms and the implementation of an unemployment benefits system in 2011.¹

Economy

In 1938, shortly after the formation of the Kingdom, oil was discovered in Saudi Arabia. The country exported its first oil in 1939 and was in full production by the end of the 1940s.

Today Saudi Arabia is known to have a fifth of all proven oil reserves in the world, providing high levels of wealth for the country.¹ Oil exports have enabled significant investment in infrastructure with numerous headline projects implemented by the government, which retains control over major economic activities.

While the oil sector is producing large amounts of money, it employs a large number of expatriate workers, including many from Europe, North America and India. This dependence on oil and foreign workers currently has a negative effect on the Kingdom's own population, specifically younger workers, who often lack the skills and expertise required for this sector. Unemployment among Saudi males was estimated to be 10.9% by the Saudi authorities in 2011, although independent estimates claim that the figure could be as high as 25%.

To help employ a larger proportion of its own population and diversify away from oil (while maintaining this crucial sector), King Abdullah's government is spending more on job creation, training and education. A highlight of this new approach has been the opening of the King Abdullah University of Science and Technology in the capital Riyadh. The country has also established a diversification drive, focusing on telecommunications, gas exploration projects and power generation.¹

Cement - Introduction

The Saudi Arabian cement industry is the largest on the Arabian Peninsula, with an integrated capacity of over 50Mt/yr.³ This is unsurprising considering that it is also the largest and most populous country on the Peninsula, with around 27m inhabitants and a cement consumption rate in the region of 1550kg/capita/yr based on 2010's production level of 43Mt.⁴

In June 2012 it was anticipated that demand would rise to 49Mt for the whole of 2012 and 52Mt/yr for 2013.⁵ The recent increase in the country's domestic cement production capacity, which has seen cement capacity almost double since 2005, makes it possible to satisfy these levels purely from domestic plants (See Figure 1).⁶

Cement - Switching the ban

Keenly aware of the close match between expected consumption and domestic capacity (as well as the continuation of vast infrastructure projects in the country) the Saudi government introduced an export ban on cement exports from Saudi Arabia in February 2012.⁷ In March 2012 it removed a long-standing import ban for imports into the country.⁸ The government said that it had, "Adopted several decisions to ensure the stability of the price of cement and its provision in the local market."

Other measures were also taken during the early part of 2012 to ensure that cement was directed to the local market at the best possible price from its perspective. These included forcing plants to operate at full capacity and instructing them to open new lines.

The onset of the export ban was preceded by a grace period, during which Saudi cement firms exported large amounts of cement to the country's immediate neighbours and further afield.

While the intentions of the ban are to secure cheap, domestically-produced cement for Saudi projects, not all have welcomed the export ban. This is due to the lucrative differences between domestic and foreign cement prices.

In early April 2012 it was reported that large quantities of Saudi cement were being illegally smuggled into Yemen due to an increase in cement demand there.⁹ The head of the financial sector of the Public Cement Corporation, Abdul-Malik Al-Qirshi, told press at the time that Saudi cement increasingly flowed into Yemen after being purchased in Hodeida on the Yemeni-Saudi border. Al-Qirshi added that the smuggled cement was being sold at nearly twice the price that it could have been sold at in Saudi Arabia.

Cement - Prices

As one can see from the introduction of the cement export ban, the cement sector is highly regulated by the government in Saudi Arabia. This also gives the government relatively high control of cement prices. In 2011 the average price was US$3.72/bag (50kg) or US$74/t.⁵

In the short term, these prices are expected to drop and are forecast be in the range of US$68.79-75.72/t in the whole of 2012 and US$71.40-77.30/t in 2013.⁵

Despite these 'official' prices, the Saudi market has suffered from an 'informal' cement market throughout 2012. In February 2012 there were accusations that cement was being sold at inflated prices by traders stockpiling cement to create artificial shortages.⁷

In some instances cement was being sold at US$5.60/bag close to Jeddah, way above the national average, although Jeddah prices were routinely as high as US$4.80/bag.¹⁰

Cement - Producer highlights

Above - Figure 2: Map of Saudi Arabia showing major settlements, neighbouring countries and its integrated cement plants.³

Above - Table 1: Cement and clinker production (and joint clinker+cement stock) statistics for Saudi Arabian cement producers in October 2011 / 2012 and for the 10 months from 1 January 2012 to 31 October 2012 in 1000t.³⁵ Cement and clinker stockpiles are up in the north and west in 2012 but are down in the south and east. All except four producers made more cement in the first nine months of 2012 than in the same period of 2011.

Al Gharbiah: The 0.25Mt/yr Al Gharbiah Cement Co. plant produces white cement and is located close to Jeddah in the west of Saudi Arabia. Even though it started production in 1999 it was the first white cement plant in the Kingdom.¹¹ The company's website refers to the possible construction of a second plant in the Riyadh region.

Al Jouf: Al Jouf Cement Co., located in the northern town of Turaif, is a public joint stock company. It has a 5000t/day production line, which will shortly be joined by a second 5000t/day line.¹² The US$236m expansion is being implemented by China's Chengdu Design & Research Institute of Building Materials Industry Ltd.

Al Jouf said that the project, announced in January 2012, would be financed by a combination of its own funds and debt and would be completed by February 2014. When complete, the new line will double the company's cement capacity to 3.5Mt/yr.

A further deal between Al Jouf Cement and US-based Box Consulting was announced in October 2012.¹³ Box will assist Al Jouf with the development of the second line, providing consultation and recommendations regarding plant layout as well as management of the bidding process and come up with a plan for the management of the enlarged facility.

Al Safwa: Established in 2004, Al Safwa is unique among Saudi cement plants for being a joint venture between a major international cement producer, namely Lafarge, and a local group, in this case the Al Khayyat Group.¹⁴ The ThyssenKrupp Polysius installation made its first clinker in 2010.

The 2.0Mt/yr plant was strengthened earlier in 2012 when two public funding bodies, the Public Pension Authority (PPA) and the General Organization for Social Insurance (GOSI), also contributed capital.

Arabian Cement: Arabian Cement was established in 1956, making it the first cement plant in Saudi Arabia.¹⁵ The plant was upgraded in 1996 to 2.4Mt/yr and the addition of a sixth cement line in 2009 took the capacity to 5Mt/yr. The plant was the first in Saudi Arabia to acheive ISO 14001 environmental certification and has operated Qatrana Cement, a Jordanian cement plant, since 2007.

In the first three quarters of 2012 Arabian Cement has seen a decline in financial performance relative to what it acheived in 2011. It saw a profit of US$23.2m in the three months to 30 September 2012, a decline of 17% year-on-year from US$28.0m in the third quarter of 2011.¹⁶

In the first nine months of 2012 its performance was also down from US$88.7m to US$81.3m, a drop of 8%. Although the Saudi plant made 8% more cement in the first 10 months of 2012 than in the same period of 2011, the company attributed the decreases to Qatrana.¹⁶

City Cement: City Cement is a cement producer in the Medina area of Saudi Arabia that was set up in 2007.⁴ Like many of the new breed of cement plants in the Kingdom, it was built by a Chinese company, in this case Sinoma.

The 6000t/day (~1.9Mt/yr) plant has recently been affected by unexpected downtime on one of its two cement mills, which has lost the company US$13m in sales, around 10% of sales for the whole of 2012. It is still producing clinker and storing it for future grinding.¹⁸

A third mill, which is currently under construction, will be ready for operation in the first quarter of 2013.

Eastern Province: Eastern Province Cement was set up in 1984 to cater for the eastern market within Saudi Arabia with a view to also exporting cement to the rest of the Middle East and other regions of the world, although this practice is currently outlawed.¹⁹

In 1985, its first year of production, Eastern Province Cement made 0.86Mt of cement, although it did make almost 1.5Mt/yr. on an anualised basis After slowly ramping up production, the plant made more than its 2.2Mt/yr capacity in 1994, producing 2.3Mt of cement. Today its production capacity is 3.5Mt/yr, which is produced at a rate of 10,500t/day from three dry-process kilns.

In the third quarter of 2012, Eastern Province made a net profit of US$22.4m, a healthy 12% increase compared to the same quarter of 2011.²⁰ Its net profit for the first nine months of the year was US$77.6m, a 7% increase over the US$72.5m profit made in the same period a year earlier.

Eastern Province previously reported strong results for 2011, with a net profit of US$97m, 7% higher than the US$91.5m made in 2010.²¹

It was reported in September 2012 that the company was planning a new 10,000t/day production line at the same site.²²

Hail: The 1.5Mt/yr, US$200m Hail Cement plant is located in the northern central city of Hail and will begin full production in the first quarter of 2013. The plant was built and will be commissioned by Chengdu Building Materials Industry Design & Research Institute, which is a wholly-owned subsidiary of Sinoma.

Najran Cement: Najran Cement Company (NCC) was established in 2005 as a Saudi Closed Joint Stock Company with a paid up capital of US$306m. The objective was to be a main supplier of cement in the southern region of Saudi Arabia and be an important exporter to Yemen. It was anticipated that locating the plant and facilities close to Najran city would greatly contribute to the fast development of the region.²⁴

The company has a quarry license from the Ministry of Petroleum and Minerals for an area of 30km² that is endowed with huge deposits of limestone, clay, sandstone and gypsum. The supply is sufficient for more than 100 years.

The Najran plant was initially planned as a single integrated unit of 6000t/day (~1.9Mt/yr) of clinker at Sultana, around 240km north east of Najran at the tip of the Empty Quarter desert. As the project moved along a decision was taken to expand the clinker plant to 9000t/day (~2.9Mt/yr) by adding one more line of 3000t/day at Sultana to make full use of the vast raw material deposits. The first line (6000t/day) was commissioned in 2007 and the second (3000t/day) was commissioned in 2008. Today these are supplemented by a 6000t/day (~1.9Mt/yr) standalone grinding unit.

To capitalise on the future market situation in Saudi Arabia, Najran Cement has now planned to expand its production capacity by installing a third production line with a clinker production capacity of 7000t/day.

At the same time Najran Cement is in the process of installing a waste heat recovery unit for the existing lines and also for kiln line 3. At 27.1MW the unit is one of the largest in the world and is the first to be installed in the Saudi Arabian cement industry.

Northern Region: Northern Region Cement was founded in 2006 in the extreme north of Saudi Arabia, close to the Jordanian border. The 2.0Mt/yr facility began cement production in 2008.⁴

Qassim: Qassim Cement Co. was formed in 1976 as a joint-stock company.²⁵ The plant has a capacity of 3.3Mt/yr.³

Qassim posted a net profit of US$82m for the first half of 2012, a rise of 5.4% from US$77.8m in the same period in 2011.²⁶ The company attributed the increase to a rise in sales but did not provide any exact sales figures. It reported an operating profit of US$84.1m for the first six months of 2012, a rise of 6.1% from US$79.3m in 2011. In the third quarter the company was 'hit' by lower-than-expected sales and higher costs, with its profit declining by 4% year-on-year.

Riyadh Cement: Riyadh Cement Company is a subsidiary of Saudi White Cement Company. It was established in 2003 and commissioned its first Sinoma-built production line, which has a nominal capacity of 5000t/day (~1.6Mt/yr), in December 2007.²⁷

Because, like other producers, the company had identified strong future demand for cement in the Riyadh region, it immediately began work on a second Sinoma 5000t/day line, which began production in July 2010. Through technical improvements the plant is now capable of producing 5500t/day from each kiln, giving a total theoretical annual capacity in the region of 3.2Mt/yr.²⁷

Saudi Cement Company: Saudi Cement Company (SCC) traces its history back to 1955, when it was set up as a joint-stock company in the Eastern Province of Saudi Arabia.²⁸ Its first plant, the 300t/day (~0.1Mt/yr) Hofuf plant, began production in 1961. Hofuf has since been expanded on four occasions with the introduction of five new kilns. Its last major expansion took place in 1997, which took the capacity to 2.5Mt/yr.

SCC also operates a plant at Ain Dar, which is located in a similar area to the Hofuf facility. Ain Dar began as a private company, Saudi-Bahraini Cement Company (SBC) in 1981. SCC merged with SBC on 1 January 1992 and today the Ain Dar plant has a capacity of 6000t/day (~1.9Mt/yr).

In the past SCC was one of the pioneers of cement exports from Saudi Arabia. It has exported to Kuwait, Qatar and Bahrain and has a terminal at King Abdulaziz Port in Dammam that is able to load cement at 800t/hr. These activities are currently suspended in the light of the Saudi cement export ban.

Recently SCC has seen an improvement in both sales and its bottom line. In the three months to 30 September 2012 it took US$115.5m in sales compared to sales of US$103.3m in the same period of 2011. SCC's net profit for the same period came to US$55.9m compared to US$52.1m in 2011.²⁹

For the first nine months of 2012, SCC took US$443.6m in sales, compared to US$339.5m in 2011. Net earnings for the nine months rose from US$169.5m to US$225.7m.

Saudi White Cement: Located in the central region close to Riyadh, Saudi White Cement is one of two white cement producers in the Kingdom.³

Originally with a 700t/day (~0.22Mt/yr) capacity, the company contracted Fives FCB to upgrade its kiln in late 2010.30 The scope of the contract included an increase in the capacity of the raw material and cement mills, a new pre-calciner, a new ball mill and a 10,000t cement silo. The project is nearing completion and is likely to be ready by the end of the first quarter of 2013.

Southern Province: Southern Province Cement was founded in January 1978 and production from its first plant in Jazan began in October 1981.³¹ Initially production was at 5000t/day (~1.6Mt/yr), but this was quickly ramped up to deal with an increase in demand to 7550t/day (~2.4Mt/yr).

In 1992 a continued increase in demand for cement led to the decision to establish Southern Province's second cement plant, a 2.6Mt/yr facility, located in the Bisha region. This plant began production in 1997.

In 2009 the company took the decision to build a third plant at Tihama. This plant was to be designed and produced by China's Sinoma. The 12,000t/day (~4Mt/yr) plant was originally planned to be up-and-running by the end of 2011 but it began commissioning in January 2012.

In the third quarter of 2012 Southern Province's net profit came to US$53.6m, a 12% increase from the same period of 2011. In the nine months to 30 September 2012 it recorded a net profit of US$199.2m, a 16% increase year-on-year.³²

Tabuk: Tabuk Cement Company is partly owned by Saudi individuals and groups and the Gulf Cooperation Council (GCC). The 1.5Mt/yr plant was upgraded by Austria's Austroplan in 2008, with a kiln upgrade and a new roller press for increased grinding. This took it to 1.8Mt/yr.³³

Tabuk Cement reported a net profit of US$9.5m in the third quarter of 2012, a 45% improvement year-on-year.³⁴ In the first nine months of 2012 Tabuk made a net profit of US$36.9m, 27% up on the same period of 2011.

Yamama: Yamama Cement Co., founded in 1961, is the third oldest cement plant in Saudi Arabia.³⁵ It currently has a capacity of 6.3Mt/yr³ and was the largest plant in Saudi Arabia until Yanbu Cement took that crown. Located in the centre of the country, close to the capital Riyadh, it has experienced strong sales throughout its 52-year history.

In the first nine months of 2012 Yamama made a net profit of US$177m, a 19% improvement over the same period of 2011 when it made US$146m. In the three months to 30 September 2012 the company made US$41.8m, a year-on-year increase of 5%.³⁶

Yamama said that the profits were both up year-on-year due to increased sales, although the third quarter result was dampened by the holy month of Ramadan, during which construction activities are scaled-back.³⁶

Yanbu: Yanbu Cement Co. was established in 1977, beginning production from its two 1500t/day KHD long dry-process kilns in 1979.³⁷ In 1982 a third KHD line, a 1000t/day line, took the overall capacity of the plant to 1.2Mt/yr. The plant added further capacity in 1997 (to 3.3Mt/yr) and 2005 (to 4.0Mt/yr). These changes were achieved by commissioning and then expanding a fourth KHD kiln.

Yanbu has now achieved an incredible 7Mt/yr capacity by completion of a fifth kiln line, this time built by China's Sinoma International Engineering Company. The new line has a capacity of 10,000t/day.

Yanbu Cement posted a net profit of US$57.6m for the second quarter of 2012 on the back of the extra sales that were made possible by the new kiln.³⁸ Over the course of the first half, Yanbu's net profit went from US$66.2m in 2011 to US$96m in 2012.

In the first nine months of 2012 the company made a net profit of US$137m, a 37% improvement year-on-year from the US$100m that it made in the same period of 2011.³⁸

In 2011 Yanbu was involved in a dispute with Saudi Aramco when Yanbu accused the oil giant of not supplying it with sufficient fuel. Yanbu claimed that the non-delivery of fuel was the main factor behind delays to the opening of the new kiln.³⁹

"Saudi Aramco confirms it is currently supplying Yanbu Cement with all the allocated volumes of fuel oil as per the signed agreement," said Aramco in a statement at the time. "Yanbu Cement Co should have secured the needed fuel ahead of a commitment to expand and build the fifth production line. The fact that no agreement was concluded in advance absolves Aramco from responsibility that may result from any fuel shortage."

Looking forwards

The lifting of the import ban and the implementation of the export ban by the government in Saudi Arabia signal only one thing - it needs a lot of cement!

In 2012 the government began to establish six new 'economic cities' in different regions of the Kingdom in order to promote economic investment from abroad.⁴ It has committed to spending US$373bn on social development and infrastructure from 2010 to 2014.

Projects under this banner include a women-only city,⁴⁰ which will be built in the Hofuf region so that a greater number of women can be employed without breaking the country's Sharia customs, plans for the 1km-tall 'Kingdom Tower' by Prince Alwaleed bin Talal's Kingdom Holding and the Bin Laden Group, US$3bn for roads and numerous hotel, conference, university and housing projects.

References

1. CIA World Factbook website, 'Saudi Arabia,' https://www.cia.gov/library/publications/the-world-factbook/geos/sa.html.

2. World Bank Indicators website, 'GDP per capita (current US$),' http://data.worldbank.org/indicator/NY.GDP.PCAP.CD.

3. 'Global Cement Directory 2013,' PRo Publications International Ltd., Epsom, UK, November 2012, and work conducted towards publication of future editions of same.

4. United States Geological Survey, Various reports, http://minerals.usgs.gov/minerals/pubs/country/africa.html#sa.

Note. References 5-40 can be found in the digital version of this article at http://www.globalcement.com/magazine/articles.

5. NCB Economics Development, 'Comparative energy costs and expansionary fiscal policies are fuelling the Saudi cement sector,' http://www.menafn.com/updates/research_center/Saudi_Arabia/Economic/NCB040612.pdf, June 2012.

6. Al Jazeera, 'Capital Report, Saudi cement sector,' December 2011.

7. Global Cement website, 'Saudi Arabia bans exports to stem cement crisis', http://www.globalcement.com/news/item/776-saudi-arabia-bans-exports-to-stem-cement-crisis, 22 February 2012.

8. Global Cement website, 'Ministry removes cement import restrictions,' http://www.globalcement.com/news/item/811-ministry-removes-cement-import-restrictions, 9 March 2012.

7. Global Cement website, 'Saudi Arabia bans exports to stem cement crisis', http://www.globalcement.com/news/item/776-saudi-arabia-bans-exports-to-stem-cement-crisis, 22 February 2012.

9. Global Cement website, 'Saudi cement floods into Yemeni market,' http://www.globalcement.com/news/item/857-saudi-cement-floods-into-yemeni-market, 4 April 2012.

10. Global Cement website, 'Saudi authorities sweep up black-market dealers,' http://www.globalcement.com/news/item/750-saudi-authorities-sweep-up-black-market-dealers, 6 February 2012.

11. Al Gharbiah Cement website, 'Breif overview,' http://algharbiahcement.com.

12. Al Jouf Cement website, 'Al Jouf Cement,' http://www.joufcem.info/en/index.php?p=a_1.

13. Global Cement website, 'Box International Consulting authorised by Al Jouf Cement,' http://wwwglobalcement.com/news/item/1178-box-international-consulting-authorised-by-al-jouf-cement.

14. Al Safwa Cement website, 'ALSAFWA cement plant,' http://www.safwacement.com/wps/portal/sa/en/2_2-ALSAFWACementPlant.

15. Qatrana Cement website, 'About us,' http://www.qatranacement.com/index.php?option=com_content&view=article&id=2&Itemid=2&lang=en.

16. Tadawul website, 'Arabian Cement Company announces interim consolidated financial results for the third quarter of the year 2012 and the period ended 20/09/2012 (nine months), http://www.tadawul.com.sa/wps/portal/!ut/p/c0/04_SB8K8xLLM9MSSzPy8xBz9CP0os3g_A-ewIE8TIwN_D38LA09vV7NQP8cQQ_dgE_3g1Dz9gmxHRQDvjvPB/?ANNOUNCEMENT_NO=27387, 17 October 2012.

18. Mubasher website, 'City Cement: Sales to drop SAR50 mln on mill's technical failure,' http://english.mubasher.info/portal/TDWL/getDetailsStory.html?storyId=2192665&goToHomePageParam=true, 11 November 2012.

19. Eastern Province Cement website, 'Basic data facts,' http://www.epcco.com.sa/services.php?maid=167-0.

20. Eastern Province Cement website, 'Results of the nine months 2012 for Eastern Province Cement (TASI),' http://www.asmainfo.com/Saudi/En/News/shownews.aspx?rid=50937, 11 October 2012.

21. Global Cement website, 'Profits up in Saudi Arabia,' http://www.globalcement.com/news/item/740-profits-up-in-saudi-arabia, 31 January 2012.

22. Mubasher website, 'Eastern Cement to build new production line,' http://english.mubasher.info/portal/TDWL/getDetailsStory.html?storyId=2166457&goToHomePageParam=true, 30 September 2012.

23. Zawya website, 'Hail Cement Plant,' http://www.zawya.com/marketing.cfm?zp&p=/projects/project.cfm/pid120711110452/HCC__Hail_Cement_Plant.

24. 'On the rise: Building and waste heat recovery at Najran Cement,' Global Cement Magazine - July/August 2012, PRo Publications International Ltd., Epsom UK, August 2012; CMA website, 'Najran Cement Company main prospectus,' http://www.cma.org.sa/En/prospectuses/NCC-Main%20Eng-V%204.pdf.

25. Qassim Ceemnt website, 'Company profile,' http://www.qcc.com.sa/About-Us/Company-profile.aspx.

26. Global Cement website, 'Qassim Cement profit hits US$82m in H1 2012,' http://www.globalcement.com/news/item/1162-qassim-cement-profit-hits-us$82m-in-h1-2012, 26 September 2012.

27. Riyadh Cement website, 'Subsidiary of Saudi White Cement Co.,' http://www.riyadhcement.com.sa/en.

28. Saudi Cement website, 'Profile,' http://www.saudicement.com.sa/en/history.htm.

29. Reuters website, 'Saudi Cement Q3 net profit rises 7.3% on demand growth,' http://www.reuters.com/article/2012/10/14/saudicement-results-idUSL5E8LE3AZ20121014, 14 October 2012.

30. PEG Engineering website, 'Upgrading of the existing 700 tpd production line to1000 tpd on a EPC turnkey basis,' http://www.pegeng.ch/pdf/home/SWCC_EN_13.03.12.pdf.

31. Southern Province Cement website, 'Southern Cement,' http://www.spcc.com.sa/top_menu.php?id=57.

32. Reuters website, 'Saudi's Southern Province Cement Co Q3 profit up 11.7 pct,' http://www.reuters.com/article/2012/10/07/southprovince-results-idUSL6E8L74OD20121007.

33. Austroplan website, 'Tabuk Cement Plant - Saudi Arabia,' http://www.austroplan.at/index.php?option=com_content&view=article&id=86&Itemid=102&lang=en.

34. Tadawul website, 'Tabuk Cement Company announces the interim financial results for the period ending at 30/9/2012,' http://www.tadawul.com.sa/wps/portal/!ut/p/c0/04_SB8K8xLLM9MSSzPy8xBz9CP0os3g_A-ewIE8TIwN_D38LA09vV7NQP8cQQ_dgE_3g1Dz9gmxHRQDvjvPB/?ANNOUNCEMENT_NO=27320.

35. Yamama Cement website, Various pages, http://www.yamamacement.com. Statistical data for Saudi Arabian producers obtained from 'Statistics Cement' pages and translation using Google Translate.

36. Mubasher website, 'Yamama Cement Co. announces primary financial results for the period ended 30/9/2012 (9 Months), http://english.mubasher.info/portal/TDWL/getDetailsStory.html?goToHomePageParam=true&storyId=2177339, 16 October 2012.

37. Yanbu Cement website, 'About us,' http://www.yanbucement.com/profile.html.

38. Mubasher website, 'Yanbu Cement profit jumps 22% in Q3, 36% in 9 months,' http://english.mubasher.info/portal/TDWL/getDetailsStory.html?storyId=2166464&goToHomePageParam=true, 30 September 2012.

39. Global Cement website, 'Saudi fuel row heats up,' http://www.globalcement.com/news/item/610-saudi-fuel-row-heats-up, 1 November 2012.

40. The Guardian website, 'Saudi Arabia plans new city for women workers only,' http://www.guardian.co.uk/world/2012/aug/12/saudi-arabia-city-women-workers, 12 August 2012.

41. Kingdom Tower Skyscraper website, 'Kingdom Tower in Jeddah,' http://kingdomtowerskyscraper.com.