Business Wire

Pioneer Cement of UAE to Develop US$200 Million Greenfield Cement Project in Georgia

Share

The UAE based Pioneer Cement Industries (“Pioneer Cement”), part of Oman based Raysut Cement Company SAOG (RCC) is in the process of setting up a 1.2 m tonnes per annum capacity integrated cement plant in Georgia, Eastern Europe.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191017005812/en/

Mr. Joey Ghose, RCC Group CEO (Photo : AETOSWire)

Mr. Joey Ghose, RCC Group CEO (Photo : AETOSWire)

Pioneer Cement owns concession to limestone mines in Georgia that will provide the key raw materials to this project. Georgia provides Pioneer Cement an 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.

The value of the project is estimated at $200 million.

“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 RCC Group CEO Mr. Joey Ghose.

Speaking about the project, B.S. Rajan General Manager Pioneer Cement said, "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. We are confident that this move will further strengthen and complement our aggressive expansion strategy in regional and global markets and grow into a development partner in economies across a wide geographical footprint."

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 SAOC for building a new grinding unit in Oman at an investment of US$30 million. The Duqm plant is being set up as part of the company’s aggressive expansion strategy in the local and regional markets.

This year Raysut also joined hands with MSG Group in East Africa to set up a US$40 million cement grinding unit in Berbera, Somaliland as well as acquired Sohar Cement Factory LLC at a value of US$60 million.

*Source: AETOSWire

Contact information

Watermelon Communications
Rasheed Palliyalil, +97142833655
rasheed@watermelonme.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Dahua Technology Unveils Core Product Launch for 202019.1.2020 16:45:00 EETPress release

Dahua Technology, a world leading video-centric smart IoT solution and service provider, unveils its 2020 core product launch at Intersec Dubai including the over-coax technology advancement HDCVI 6.0, AI (WizSense/WizMind) and Full-color technology which enables outstanding performance under extreme low light conditions, enabling and accelerating the AIoT transformation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200119005026/en/ Dahua Technology Unveils Core Product Launch for 2020 (Graphic: Business Wire) HDCVI 6.0 A longtime leader in HDCVI realm that offers great convenience, unparalleled quality and least cost, Dahua Technology launches HDCVI 6.0. Featuring 4K real-time (30fps live view), AI coding, two-way talk and enhanced AI, HDCVI 6.0 provides a superior visual experience where tiny details are captured with better clarity in a large monitoring coverage. Focused on human and vehicle, it significantly improves t

Bermuda Confirmed as a Global Leader in the Fight Against Money Laundering and the Financing of Terrorism and Proliferation18.1.2020 00:11:00 EETPress release

Bermuda’s regulatory regime has been assessed by the Caribbean Financial Action Task Force (CFATF), and the global inter-governmental Financial Action Task Force (FATF), and confirmed for having some of the highest international standards when it comes to combatting money laundering and the financing of terrorism and proliferation. The mutual evaluation report (MER) of Bermuda’s systems and framework, published today by the CFATF, highlights the outstanding work that has been done to comply with the FATF 40 Recommendations, used by 180 governments to protect the integrity of the international financial system. Of the more than 75 MERs published to date, Bermuda ranks first against the Technical compliance requirements, with 39 of the 40 Recommendations rated as Compliant or Largely Compliant, is in the top six for overall level of effectiveness and one of only two jurisdictions with a high level of effectiveness in relation to its risk assessment and domestic coordination mechanisms. S

Moody’s Analytics Wins an Artificial Intelligence Award17.1.2020 16:00:00 EETPress release

Moody’s Analytics, a global provider of financial intelligence, has won the Best Financial Services AI Solution category at the 2019 Artificial Intelligence Awards. We won this award for the QUIQspread™ solution, which helps institutions automate the spreading of financial statements. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200117005191/en/ Our extensive financial spreading expertise and data resources are at the heart of the QUIQspread tool, which uses machine learning to understand an institution’s financial data spreading policies. Increased accuracy, shorter processing times, and lower costs are achieved as the tool gets smarter with every spread. As a software-as-a-service platform, QUIQspread is scalable with business growth. It contains data on the financials of more than 22 million private firms, which immediately helps it to improve spreading accuracy. The QUIQspread tool easily integrates with clients’ inter

L&T Technology Services Reports a 10% Increase in Q3FY20 Net Profit17.1.2020 15:36:00 EETPress release

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the third quarter ended December 31, 2019. Highlights for Q3FY20 include: USD Revenue at $199 million; growth of 7% YoY Revenue at Rs 14,230 million; growth of 8% YoY EBIT margin at 16.8%; up 30bps YoY Net profit at Rs 2,041 million; growth of 10% YoY During the quarter, LTTS won 9 multi-million dollar deals across all major industry segments which includes 2 deals having TCV of USD30mn+ each. On a YoY basis, LTTS has increased its USD20mn+ clients by 2 and its USD10mn+ clients by 4. “Q3 results were consistent with our expectations. We had a strong performance in three segments - Transportation, Plant Engineering, and Medical Devices that are each growing in excess of 20% on YoY basis. Digital & leading-edge technologies - the growth driver for ER&D, contributed to 41% of Q3 revenues and grew by 29% YoY. We are seeing a new set of opportunities as

Schlumberger Announces Full-Year and Fourth-Quarter 2019 Results17.1.2020 14:50:00 EETPress release

Schlumberger Limited (NYSE: SLB) today reported results for full-year 2019 and the fourth quarter of 2019. Full-Year Results (Stated in millions, except per share amounts) Twelve Months Ended Change Dec. 31, 2019 Dec. 31, 2018 Year-on-year Revenue $32,917 $32,815 0% Income (loss) before taxes - GAAP basis $(10,418 ) $2,624 n/m Pretax segment operating income* $3,978 $4,187 -5% Pretax segment operating margin* 12.1 % 12.8 % -68 bps Net income (loss) - GAAP basis $(10,137 ) $2,138 n/m Net income, excluding charges & credits* $2,054 $2,261 -9% Diluted EPS (loss per share) - GAAP basis $(7.32 ) $1.53 n/m Diluted EPS, excluding charges and credits* $1.47 $1.62 -9% Full-Year Revenue by Area North America $10,843 11,984 -10% Latin America 4,149 3,745 11% Europe/CIS/Africa 7,683 7,158 7% Middle East & Asia 10,017 9,543 5% Other 225 385 n/m $32,917 $32,815 0% North America revenue $10,843 $11,984 -10% International revenue $21,849 $20,446 7% North America revenue, excluding Cameron $8,525 $9,55

H.I.G. Capital Invests in Luxury Complex Near Venice17.1.2020 14:46:00 EETPress release

H.I.G. Capital, LLC ("H.I.G."), a leading global private equity investment firm with over $35 billion of equity capital under management, announced today that one of its affiliates has recently completed an investment in Portopiccolo, a state of the art, self-contained luxury complex near Venice which includes 203 high-end residential apartments, a five-star hotel with a spa and 110 marina berths. Terms were not disclosed. H.I.G. continues to add to its sizeable holdings of real estate assets across Europe, consisting of both equity as well as debt investments, with a focus on its target market of value-add small and midcap opportunities. Riccardo Dallolio, Managing Director and Head of H.I.G. Realty Partners Europe, commented: “This marks our 10th real estate investment in Italy. The Italian real estate markets represent a key part of our European value-add strategy and we continue to actively look at opportunities in the small/midcap sector across the capital structure.” Gabriele Mag

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom