Saudi Arabia cement market (2011 Initiating Coverage Report)

Table of Contents

Introduction................................................................... 5

Executive summary.................................................... 6

The economy and the construction sector........... 7

Economy........................................................................... 8

Figure: Economy and population................................. 8

Construction sector.......................................................... 9

Residential................................................................. 10

Commercial................................................................ 10

Infrastructure.............................................................. 11

Figure: Construction sector and the economy.......... 11

Table: Construction sector importance and growth.. 12

Projects...................................................................... 12

Cement market.......................................................... 14

Figure: Principal existing Plants............................... 15

Figure: Regional cement demand (2008-2010)......... 16

Competitive dynamics..................................................... 18

Energy challenges...................................................... 20

Incumbent operations..................................................... 21

Saudi Cement............................................................. 21

Southern Province Cement........................................ 22

Yamama Cement........................................................ 23

Yanbu Cement............................................................ 23

Qassim Cement......................................................... 24

Arabian Cement......................................................... 25

Riyadh Cement........................................................... 26

Eastern Province Cement.......................................... 26

Najran Cement........................................................... 27

City Cement (Al Madinah).......................................... 28

Tabuk Cement............................................................ 28

Al Jouf Cement........................................................... 29

Northern Region Cement........................................... 29

Saudi White Cement.................................................. 30

Figure: Cement plant locations.................................. 31

Market shares............................................................ 32

Figure: Share of national nameplate capacity by unit. 32

Figure: market share.................................................. 33

Figure: Import share................................................... 34

Expansion and greenfield projects................................. 35

Hail Cement................................................................ 35

Al Safwa Cement........................................................ 35

Figure: Major upgrades and new plants.................... 36

Figure: Nameplate cement production capacity (2005-2015E).. 37

Figure: Capacity additions by region......................... 38

Figure: Cement production capacity (2005-2015E).. 39

Demand and supply.................................................. 40

Cement demand.............................................................. 40

Figure: 2005-2011E cement demand......................... 40

Distribution form........................................................ 41

Figure: Bag vs bulk distribution................................ 41

Cement supply................................................................ 42

Figure: 2005-2010E annual cement production........ 42

Seasonality................................................................. 43

Figure: Production seasonality (2009-2011YTD)...... 43

Capacity utilization..................................................... 44

Figure: Capacity utilization (2006-2010E)................. 44

Import and export activities............................................. 45

Figure: Cement imports and exports......................... 45

Imports........................................................................ 45

Figure: Cement imports: product types and evolution. 46

Figure: Cement import countries............................... 47

Exports....................................................................... 47

Figure: Cement imports: product types and evolution..... 48

Figure: Cement import countries............................... 49

Cement prices........................................................... 50

Figure: 2006-2011 indicative cement prices............. 52

Outlook........................................................................ 53

Figure: Apparent cement demand projection (2005-2015).... 53

Figure: Growth in apparent cement demand (2006-2015)..... 55

Figure: Capacity utilization (2006-2015E)................. 55

Next steps................................................................... 58

Data tables.................................................................. 59

Supply-demand balance (2005 – 2010E, mm tons)........ 59

Production capacity market share (2010 & 2015E, %)... 60

Imports by cement type (2005 – 2010E, tons)................ 61

Cement import countries (2005 – 2010E, tons).............. 62

Exports by cement type (2005 – 2010E, tons)............... 63

Table: Cement plant capacities (2005 – 2015E, mm tons)... 64

Disclaimers................................................................ 67

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Oct 2011