Sanad Construction Resources Company

Etihad Al Khamsa (Unifive) and Aswaq (a PIF subsidiary) have acquired shares in Jericho Cement Industry Company from Sanad, forming a joint venture to build the first advanced cement grinding mill in Palestine, with a supply agreement with FLSmidth.

Sanad Construction Resources Co. has formed a joint venture with Aswaq (PIF subsidiary) and Unifive to establish and operate the first advanced technology cement grinding mill in Palestine, with Sanad transferring 50% of shares to Unifive and 10% to Aswaq.

Phase one of the Palestine Cement Factory (PCF) has started construction in Bethlehem, including a cement mill with capacity of 1 million tons per year and an investment of $60 million. The overall project is expected to reach $310 million with capacity of 1.3 million tons per year upon completion in 18 months.