Reuters reported that Arabtec Holding's board has approved plans to set up a new subsidiary that will provide concrete for the Saudi market.

The statement said that "The board reviewed and approved the proposals presented for establishing the new company, Austrian Arabian Ready Mix SA LLC that will provide ready mix concrete for the Saudi market."

Arabtec's board also approved the transfer of some of the assets of Austrian Arabian Ready Mix Concrete to Saudi Arabia to establish the new operations.

(Sourced from Reuters)