UAE fixes cement prices

by Reuters Sunday, 17 June 2007

The UAE has set a price ceiling for cement as rising costs threaten the continued construction boom in the country.

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The Ministry of Economy capped the price of cement at AED295 ($80.31) per tonne and AED17 per 50 kg (110.2 lb) bag, the state news agency WAM said on Saturday.
A tripling of oil prices in the past five years has fuelled a construction boom in the UAE, including such projects as man-made islands shaped like a palm and a tower in Dubai which developers say will be the tallest in the world when completed next year.

Demand for building materials has outpaced supply, contributing to inflation, which hit 10% in the UAE last year.

The ministry said it agreed with cement producers to maintain price stability and not boost prices in the summer, when it said demand for cement rises.

The ministry said earlier this year it would penalise retailers and suppliers who raised prices of consumer goods by amounts it considered unjustified, as part of efforts to fight inflation.



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