Saudi Arabia’s cement demand is expected to remain flat in 2023 but grow five percent year-on-year (YoY) in 2024, SICO Bank said in a new report on the cement sector.

The growth in cement demand will be led by boom in construction activity in the tourism sector and by the hosting of international events with Riyadh emerging as a serious contender for Expo 2030.

The kingdom is also hosting the 2029 Asian Winter Games at Trojena (part of Neom), which is expected to be completed by 2026.

Cement demand contracted 1.8 percent YoY in November 2022, despite October 2022 being the strongest October since 2015, the report said.  SICO has estimated cement demand for calendar year 2022 to decline 1 percent YoY.