Saudi Arabia has lifted its export ban on cement and rebar since the construction industry in the country is suffering from the impact of lower oil prices, which has resulted in the government cutting back on spending on many projects, according to a report by Reuters.
According to Reuters, among the conditions that firms in both the cement and steel sectors will have to meet in order to export goods is payment of the difference in energy costs between the local and international market. Reuters quoted Mohammed Alomran, a member of the Saudi Economic Association, as stating that the companies which will likely benefit from the reported lift of the export ban are those close to the sea as sea transportation is cheaper.