Sheikh Mohammed ibn Rashid Al-Maktoum, vice president, prime minister and ruler of Dubai, has yesterday issued a decree exempting cement and steel from customs fees until further notice, and to allow all the contractors and real estate developers to import these two materials with no restrictions.
The verdict aims to control the raising prices of construction supplies.
According to figures, over the past eight months cement prices have risen by at least 40 per cent, while steel prices have increased by 25 percent. Therefore, this new decree is a great relief for builders and contractors.
There were indications that cement and steel prices will increase further in the UAE by this month.