Saudi cement producers are beginning to raise production to contribute to the US$500 Neom megaproject, according to Mubasher. Tabuk Cement and Hail Cement lead the production increases in the 1H18, showing a 20 and 55 per cent YoY rise, respectively.

"Hail and Tabuk are beating volume trends as some contracts were awarded in the Neom area earlier this year," Anoop Fernandes, an analyst at SICO, reported to Bloomberg.

While demand in the country is currently low on-year, forecasts predict that it will pick up in early 2019.