Displaying items by tag: RAK White Cement

Egypt: Tareq Samaha, the CEO of Egyptian Cement Group (ECG), has died. In a post on LinkedIn ECG said that he had “…passed away after a long career of giving and achievements in the field of cement industry.”

Tareq Samaha became the CEO of Egyptian Cement Group in 2018. Earlier in his career he was the Commercial Director for RAK White Cement in the UAE from 2006 to 2016. Before this he worked as the Trade Manager (cementitious products) for Heidelberg Materials Trading from 2003 to 2006. He also held roles with Al Jeri Transportation, Emirates Steel Arkan and Sika during his career. He was a graduate in architecture from Ain Shams University in Cairo.

UAE: RAK White Cement’s revenues declined by 3% year-on-year to US$34.1m in the first half of 2024. Nonetheless, the company more than tripled its net profit, to US$5.3m.

UAE: India-based UltraTech Cement has revised its former offer to acquire a 32% stake in RAK White Cement.The group told investors on 25 June 2024 that it is now seeking to acquire a 25% stake. The acceptance period for its previous offer elapsed on 24 June 2024.

UAE: The board of RAK White Cement has recommended that its shareholders accept a cash offer from UltraTech Cement for the acquisition of a further stake in the company. Global Cement News reported in May 2024 that UltraTech Cement had offered to acquire 32% of shares in the company. It previously acquired 29% in April 2024.

UAE: Aditya Birla subsidiary UltraTech Cement Middle East Investments has offered to acquire a new 32% stake in RAK White Cement. The Business Standard newspaper has reported that UltraTech Cement Middle East Investments previously announced its acquisition of a 29% stake in RAK White Cement on 15 April 2024.

UAE: Cemex UAE and UltraTech Cement UAE have signed an agreement to collaborate on the development of waste concrete recycling in the UAE, according to Dow Jones Institutional News. The cement producers say that their partnership will help to reduce CO₂ emissions from construction, in line with the UAE’s 2050 net zero commitment.

UAE: RAK White Cement has appointed Himanshu Kapania as its chair. Mohammed Abdullatif Khalifa Al Shehhi has also been appointed as vice-chair. The new appointments were made following a board meeting in early April 2023.