The Algerian cement industry investments promotion company signed on July 17 a contract with the Saudi "Pharaon Commercial Investment Group Limited" regarding the purchase of 35% of the issued capital of Beni Saf cement plant, reported the July 18 edition of Al-Khabar newspaper.
Pharaon Group’s sponsor is Dr Ghaith .R. Pharaon, international investor and industrialist who maintains financial and trading interests in various parts of the world.
The current production of Beni Saf plant stands at 708,000 tons per year. The plant started production in 1979 and went through renovation works in 2001. These works cost $20 million.
This contract was signed in the framework of the privatization program of the Algerian cement sector, which aims at decreasing cement imports. Last year, Algeria spent some more than $1 billion on cement imports.
