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Sales of Saudi Cement Companies Fall 7% in October

CMA
CMA
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Sales of Saudi Cement Companies Fall 7% in October

CMA
CMA

Sales of Saudi cement companies are expected to rise after witnessing significant decline in recent months, which contributed to the low profitability of firms in the sector.

The latest data on sales of Saudi cement companies issued monthly showed that aggregate sales of 17 listed firms dropped seven percent to 4.10 million tons in October 2017, from 4.43 million tons in October 2016.

The only seven percent drop in sales in October confirms the improvement in the local real estate market in light of the increasing number of programs of the Ministry of Housing and the implementation of several government projects at the infrastructure level.

As Saudi Arabia moves towards a more expanding budget in 2018, according to Finance Minister Mohammed al-Jadaan, local cement companies are facing a new opportunity to increase sales and direct most of their production to the local market.

This comes despite the fact that some of these firms have obtained overseas export licenses during the past few months.

Saudi Arabia's cement companies posted a 58.7 percent drop in profits in the first nine months of the year compared to the same period last year.

On the other hand, Saudi Arabia Stock Market (TASI) increased 18 points or 0.26 percent to 6,954 on November 9 from 6,936 in the previous trading session.

During last week’s trades, cash flow rates increased by 22.5 billion riyals ($6 billion) compared to 15.9 billion riyals ($4.24 billion) during the previous week.

These new developments came at a time when the board of the Capital Market Authority (CMA) issued a resolution to adopt the updated Mergers and Acquisitions list, replacing the one adopted in 2007, with the updated list coming into force last Thursday.

This list proves the efforts of the CMA to regulate mergers and acquisitions in line with the best international practices in the field of mergers and acquisitions and with the powers conferred by the new corporate system in the Authority in respect with merger processes, one of which is a listed company in the Saudi Stock Exchange market, contributing to the implementation of the program of the CMA to achieve the Kingdom Vision 2030.

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Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
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Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)

Iran's central bank chief, Mohammad Reza Farzin, has resigned, the semi-official ​Nournews agency reported on Monday, citing an official at the president's office, as the country battles a slump in its rial currency and high inflation.

The rial, which has been falling as the Iranian economy has suffered from the impact of Western sanctions, fell to a ‌new record low on ‌Monday at around 1,390,000 ‌to ⁠the ​dollar, according ‌to websites displaying open market rates.

Iranian media outlets reported there had been demonstrations in the capital Tehran, mainly by shop owners, against the economic situation.

Farzin has headed the central bank since December 2022. His resignation will be reviewed by President Masoud ⁠Pezeshkian, the official added, according to Nournews.

Iranian state media reported ‌later on Monday, citing the communications ‍and information deputy ‍at the Iranian president's office, that former Economy ‍Minister Abdolnaser Hemmati will be appointed as the new central bank chief.

Iranian media have said the government's recent economic liberalization policies have put pressure on the ​open-rate currency market.

The open-rate market is where ordinary Iranians buy foreign currency, whereas businesses typically ⁠use state-regulated rates.

The reimposition of US sanctions in 2018 during President Donald Trump's first term has harmed Iran's economy by limiting its oil exports and access to foreign currency.

The Iranian economy is at risk of recession, with the World Bank forecasting GDP will shrink by 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, which hit a 40-month high of ‌48.6% in October, according to Iran's Statistical Center.

Business

Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
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Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh

Lebanon said Monday it plans to purchase natural gas from Egypt, seeking to reduce its reliance on fuel oil for its ageing power plants in a country hamstrung by regular electricity cuts.

The electricity sector has cost Lebanon more than $40 billion since the end of its 1975-1990 civil war, and successive governments have failed to reduce losses, repair crumbling infrastructure or even guarantee regular power bill collections.

Residents rely on expensive private generators and solar panels to supplement the unreliable state supply.

Prime Minister Nawaf Salam's office said in a statement that the memorandum of understanding between Lebanon and Egypt sought "to meet Lebanon's needs for natural gas allocated for electricity generation".

It was signed by Lebanese Energy Minister Joe Saddi and Egyptian Petroleum Minister Karim Badawi, according to AFP.

"Lebanon's strategy is first to transition to the use of natural gas, and second, to diversify gas sources," Saddi said, adding that "the process will take time because pipelines need rehabilitation".

Lebanon will "contact donor agencies to see how they can help finance the rehabilitation" of the Lebanese section of the gas pipelines, he said, adding that repair work would take several months.

President Joseph Aoun said the memorandum of understanding was "a practical and essential step that will enable Lebanon to increase its electricity production".

A statement from Cairo's petroleum and mineral resources ministry said that "Egypt is fulfilling its role in supplying Lebanon with natural gas, with the aim of supporting energy security for Arab countries".

In 2022, Lebanon signed a deal to import natural gas from Egypt and Jordan via Syria to boost power supply, but the contracts were never implemented due to financing issues and US sanctions on Syria.

Washington recently lifted it Syria measures following the fall of longtime ruler Bashar al-Assad last year.

In April, Lebanon signed a $250 million agreement with the World Bank to modernise its electricity sector.

Business

Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
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Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)

Chile's state-owned copper producer, Codelco, together with Chinese-backed private miner, SQM, announced on Saturday the creation of a giant company to exploit lithium, often referred to as "white gold."

The South American country is the world’s second-largest producer of lithium, a key component of EVs and other clean technologies and has about 40% of the world’s lithium reserves.

The partnership between the firms will allow them to jointly ramp up the exploration of lithium in the Atacama region of northern Chile.

The public-private partnership will be named Nova Andino Litio SpA, said Codelco, which described the agreement as one of the most significant deals in Chilean business history.

The Chinese firm Tianqi holds 22% stake in SQM.

In a statement, Codelco said the new partnership will carry out lithium exploration, extraction, production, and commercialization activities in the Atacama salt flat until 2060.

The agreement was approved by more than 20 national and international regulatory authorities, including those in China, Brazil, Saudi Arabia, and the European Union.

Chile was the last of the countries to clear the deal. Last month, China gave the green light to the planned partnership between Codelco and SQM.

The new venture is intended to help Chile regain global leadership in lithium production, a position it lost to Australia nearly a decade ago.

The partnership aims to expand lithium output in the Atacama region, with plans to increase production by around 300,000 tons per year. In 2022, Chile produced 243,100 tons of lithium.

The partnership also aligns with Chile’s National Lithium Strategy, announced in 2023 by the leftist government of President Gabriel Boric, aimed at reclaiming Chile’s global leadership in lithium production.