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21 April 2024

Saudi may allow export of steel

Saudi Arabia has an oversupply of construction steel. (IMAD ALAEDIN)

By Staff Writer

Saudi Arabia's Ministry of Commerce and Industry is conducting studies to see if it can allow local companies to export construction steel again, Abha-based Al Watan reported yesterday.

It has become possible to open the door for companies to export construction steel again and the ban, introduced some weeks ago, was temporary, the paper cited Khaled Al Suleiman, Undersecretary for Industrial Affairs at the ministry.

The ministry encourages exports when the domestic market is saturated and current studies show that there is an oversupply, Suleiman said according to the daily.

Meanwhile, the Al Rajhi consortium has won the SR6.79 billion (Dh6.65bn) contract for civil works of the Haramain Railway project linking the holy cities of Makkah and Madinah.