Qatar: Qatar National Cement Company (QNCC) has signed a financing deal with Saudi Arabia’s Samba Financial Group (Samba) for US$100m. The facility, which has a two-year grace period, will go towards financing the construction of the company’s fifth cement plant and should be repaid in three and half years.
QNCC signed a letter of intent with Fives FCB in 2014 to build the 5000t/day clinker production line at a cost of US$261m. The plant was expected to become operational within 27 months, according to local media. The company decided to build its fifth cement plant in response to an expected increase in demand in the run up to the 2022 FIFA World Cup being held in Qatar. In June 2016 QNCC also announced plans to close cement plant 1 with effect from the start of the month.