Egypt's Cement Sector Requested to Reduce Carbon Footprint

A general view of the cement plant in Beni Suef, Egypt (File Photo: Reuters)
A general view of the cement plant in Beni Suef, Egypt (File Photo: Reuters)
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Egypt's Cement Sector Requested to Reduce Carbon Footprint

A general view of the cement plant in Beni Suef, Egypt (File Photo: Reuters)
A general view of the cement plant in Beni Suef, Egypt (File Photo: Reuters)

Egypt's cement sector has been requested to reduce its carbon footprint in light of the state's directions to reduce carbon emissions and combat climate change, according to recent studies.

The CEO of Dcode for Economic and Financial Consultations (Dcode EFC), Mohamed Abdel Aziz, explained that the private cement sector must find solutions to reduce the industry's carbon footprint.

He called for increasing scientific research and development to use recycled materials and alternative sources of energy.

Speaking at the "Cement Industry and Sustainable Development" conference, organized by Lafarge Egypt, a member of the global "Holcim" group, Abdel Aziz pointed to the importance of the state's role in encouraging and facilitating the use of environmentally friendly products in construction.

CEO of Lafarge Egypt Solomon Baumgartner Aviles said that the company focuses on sustainable development from the circular economy, one of the pillars of Egypt's Vision 2030.

Lafarge is fully committed to contributing to the achievement of the goals of Holcim, which include reducing the carbon dioxide intensity to more than 20 percent until 2030.

He also indicated that Lafarge is collaborating with Holcim after it partnered with SBTi for goals beyond 2030 by setting the first climate targets for a future of 1.5°C in the cement sector by 2050.

Aviles added that innovation is one of the axes of Egypt's Vision 2030, which shares the same vision with Lafarge Egypt through the production of environmentally friendly cement products.

He pointed to the company's plan to increase exports, as Lafarge seeks to open new markets for export, expressing the importance of raising taxes on production inputs such as limestone granules, linking energy prices to international standards, and securing their availability.

Aviles also called reducing transportation time, refunding payments in the export support program, rehabilitating port infrastructure, and creating an efficient port structure that can accommodate heavy trade.



Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
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Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)

Saudi Arabia’s Tadawul All Share Index (TASI) ended the second week of March with a slight decline for the third consecutive week, closing down 0.73% at 11,725.88 points, compared to the previous week's close of 11,811.11 points.

In an analysis of the market performance during the week ending March 13, Dr. Suleiman Al-Humaid Al-Khalidi, a financial market analyst, told Asharq Al-Awsat that the market experienced a sharp decline not seen in years, coinciding with a drop in global markets, particularly in the US, where $2 trillion in value was wiped out in a single day.

This accounted for roughly 60% of the total market value of the Saudi stock market.

Al-Khalidi noted that the key player in the Saudi market is the banking sector, especially Al-Rajhi Bank's shares, which showed resilience and did not follow the downward trend. This was attributed to the strong profits reported by the banking sector in 2024.

The primary factors contributing to the market’s decline include global economic pressures, particularly US tariffs on most global economies, ongoing global uncertainty, and the Federal Reserve's tight monetary policies, he explained.

These factors have significantly impacted liquidity flows into financial markets. Additionally, fluctuations in global oil prices, despite recent stability, have also played a role.

This downturn has been accompanied by caution among sovereign wealth funds, investment institutions, and some portfolios in injecting new liquidity or altering their positions until there is more clarity in the financial markets, he went on to say.

Moreover, Al-Khalidi said that the Saudi stock market has not accurately reflected the true strength and size of the Saudi economy, which has grown to SAR 4 trillion, up from SAR 600 billion in 2016, before the launch of Vision 2030.

Additionally, the country’s GDP has reached approximately $1.1 trillion.

Looking ahead to the market's performance in the coming week, he noted that there are strong support levels at 11,550 points, followed by 11,450 points.

These levels could help shift the market toward an upward trajectory and better reflect the robust growth of the Saudi economy.

Al-Khalidi emphasized that the banking and energy sectors could play a leading role in driving the market higher, pushing the index beyond this week’s closing levels.

He also pointed out that some stocks are hitting new lows, presenting significant investment opportunities for those seeking safe havens with steady returns in the Saudi market.