UAE fixes new cement prices, approves dealers

PRICE FIXING: The UAE is intervening to tackle inflation and increase supply, said Al-Shihhi. (Getty Images)

The UAE has published a list cement dealers who have agreed to sell cement at the new officially regulated prices, the Ministry of Economy said on Monday.

The price of a bag of cement is set at 18 dirhams ($4.90) inside city limits and 19 dirhams for stores outside city limits, it said.

The publication of the list follows a memorandum of understanding (MoU) signed in May between the UAE government and cement manufacturers amid shortages and increased prices.

Cement producers have also agreed to increase production from 150,000 bags to 250,000 bags per day, the statement added.

“This step... supports the objectives of the ministry to regulate the prices of products and services, where needed, for the overall benefit of the economy," Mohammed Al-Shihhi, undersecretary at the ministry, said in a statement.

"Through this initiative, the ministry aims at preventing cement distributors and agents from raising prices unduly and also ensure timely delivery of cement at an appropriate price."

Al-Shihhi said that anyone found violating the accord would face legal action and encouraged customers to report any alleged breaches.

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