$150 million cement factory for Lahj [Archives:2003/691/Business & Economy]

December 4 2003

The National Company for Cement has completed technical and economic studies on the feasibility of building a new factory for cement industry in the government of Lahj.
The cost of first phase amounts to $61 million, and it is to end up at $150 million.
The company intends to submit a big proportion of the project's shares to general contribution for opening opportunity for all segments of the society to invest their savings in this significant investment project. A feasibility study on investment in cement industry and marketing reveals attractive profits for investors contributing to managing the project which is considered an essential addition to economic development in Yemen.
Building the new plant in the governorate of Lahj is the first of its kind for the Group of Hayel Saeed Ana'am and a number of private sector magnates.
It is expected that the cement plant would produce 1.3 million tons a year and that would cover Yemen's needs of cement and the surplus to be exported abroad. There are four Yemeni-government financed cement factories producing more than 1.4 million tons a year. But the amount does not met the increasing consumption need and therefore Yemen imports quantities of cement from Saudi Arabia, Jordan and Egypt.
Sources at the National Company for Cement say that the plant would begin production by 2006 and this would speed up solving the now aggravating cement crisis.