Dubai: The price of steel has more than doubled in the last seven months, affecting the UAE’s construction sector. But the good news is that cement prices are due for a correction, said Riad Kamal, chairman of Arabtec Holding.
"Cement prices are due for a correction although rising prices of steel remain a major concern for all of us in the industry," Kamal told Gulf News.
"The cement price is inflated although it has a direct relation with the rise in oil price and transportation costs. This is partly demand driven and partly due to high oil price."
Arabtec is the first private company in the UAE to go public through an initial public offering. The company, which employs 52,000 workers, is listed on the Dubai Financial Market.