An agreement was signed to establish the first Palestinian cement mill

The Palestinian Investment Fund announced that a group of companies had signed an agreement to establish a Palestinian cement mill that would cover half of the local demand, at an estimated cost of about $ 85 million.

A statement by the Sanad Construction Resources Company, which is owned by a controlling stake in the investment fund, said, “The project will produce about 1.13 million tons of cement annually, accounting for about 50% of the volume of domestic demand for the strategic commodity.” .

For his part, Mohamed Mustafa, Chairman of the Board of Directors of the Investment Fund, said: “The cement mill, upon completion of its construction work during the year 2022 and entering into the commercial production phase, will be one of the most important steps towards achieving self-sufficiency.”

Sanad Construction Resources was established in 2016 and was listed on the Palestine Stock Exchange in early 2017. According to its website, it has commercial, industrial and investment activities, most notably cement trade and manufacturing, in addition to other businesses in the Palestinian construction sector.

Source: “Reuters”

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