Saudi’s Northern Region Cement invests $44 million to grow in Iraq
One of the cement factories of Northern Region Cement Company. Photo: NRC
Baghdad (IraqiNews.com) – Al-Diyar Al-Iraqia Investments Company and Northern Region Cement Company struck a cooperation agreement wherein the Iraqi company would purchase 49 percent of the Saudi company’s investments in Iraq.
The profits of the deal, valued at $43.95 million, will be utilized to repay a portion of the expensive loans in the face of high financing costs and to make outside investments.
Northern Region Cement would accomplish its objective of establishing a strategic alliance that will enable it to increase its investments in promising markets through this cooperation.
The Northern Region Cement Company announced in November that it signed a $139 million contract with the German company KHD to build a production line with an output of about 1.32 million tons of cement annually in Iraq.
According to the corporation, the financial effects of the deal will become apparent in the second half of 2025.
The company achieved profits worth $3.74 million in the second quarter of 2020, compared to nearly $3.75 million in the same period of 2022, representing a growth of 0.16 percent.