Forget Aramco. The Real Excitement in Saudi Stocks Is in Cement - Bloomberg:
While Saudi Arabia’s massive initial public offering of oil producer Aramco has been dominating headlines in the kingdom for months, investors have been making a fortune in an obscure corner of the market: Cement producers.
Companies that make the building material account for six of the 10 best-performing stocks in the kingdom this year, delivering returns of at least 53% while the main Saudi index was little changed.
The stocks have gained on increasing demand for the product driven by several tourism and entertainment projects that are key parts of Crown Prince Mohammed bin Salman’s plan to diversify the economy away from oil. Part of the money for those developments may come from the $25.6 billion that the government aims to raise from the sale of 1.5% of Aramco this month.
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