Oil revenues fuel 70 per cent rise in Dubai cement imports

Oil revenues fuel 70 per cent rise in Dubai cement imports
Published: 25 March 2008

Dubai imported almost 3Mt of cement in 2007, according to state figures, as the Gulf region was gripped by a construction boom fuelled by rocketing oil prices.  
 
Dubai imported 2.96Mt of cement, a 73.6 per cent increase on the previous year as crude prices reached record highs.  
 
’Cement imports have soared during the past three years as a result of the unprecedented construction activities here that accompanied the overall economic boom in the UAE and the region,’ said Nassim al-Mehairi of government-owned construction firm Dubai World.  
 
Mega-projects underway in Dubai include the world’s largest airport, the world’s tallest tower and an extensive metro network.  
 
But construction in the Gulf, which is currently valued at 2.4 trln usd, has been tempered by increased worldwide demand for building materials, as construction fever spreads to countries such as China.