UAE’s Pioneer Cement Industries to set up cement factory
The UAE based Pioneer Cement Industries, part of the Oman based Raysut Cement Company (RCC), is in the process of setting up a 1.2 m tonnes annual capacity integrated cement plant in Georgia. The value of the project is estimated at US$ 200mn.
Pioneer Cement owns the concession to limestone mines in Georgia that will provide the key raw materials to this project. Georgia will provide Pioneer Cement the opportunity to diversify from the Middle East into a market with large infrastructure growth and shortage of clinker and high-quality cement, the company said in a statement.
The plant will be located near Tbilisi, adjacent to the limestone mines. The debt and equity arrangements for the project are currently being finalized and the construction work in the project is slated to commence from Q4-2019.
“We have embarked on an aggressive and ambitious expansion strategy in the region with specific focus on Africa and neighboring regional countries, and in this context setting up Pioneer Cement Georgia is a significant geographical diversification,” said Joey Ghose, Group CEO, RCC.
“The Georgia expansion is a major milestone for Pioneer and its parent company Raysut, as it opens up a diverse market for us in terms of growth potential as well as new challenges,” affirmed BS Rajan, General Manager, Pioneer Cement.
The Georgia expansion of Raysut comes close on the heels of the company’s announcement of signing a land lease agreement and Port of Terminal services agreement with Port of Duqm Company for building a new grinding unit in Oman at an investment of US$ 30mn.
