Saudi Industrial Export Co. (SIEC) has inked a contract with Al Jouf Cement to export 72,000 tons of cement to Jordan annually, both companies said in bourse statements on Sunday.

 

Financial impact of the contract will be disclosed in Q1 2018, the statements added.

 

Last month, Al Jouf Cement signed a memorandum of understanding (MoU) with SIEC to export its cement products outside the Kingdom, Argaam previously reported.

 

The cement firm in February bagged a one-year export license from Saudi Arabia’s Ministry of Commerce and Investment.

 

Saudi Arabia in July slashed cement export tariffs by 50 percent and cancelled all export duties on steel for two years, in order to encourage local producers and enhance competition.

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