The Gulf Cement Company, UAE yesterday announced the company has no plans to raise cement prices, especially after the company implemented a major expansion plan which almost tripled its production of clinker and will at least double its cement production.
Shaikh Omar bin Saqr Al Qasimi, chairman of the company’s board of directors, said: "The company does not have the intention to raise cement prices and prices will be totally left to the supply and demand scheme." He added that cement prices at the UAE-based factories are cheaper than the
prices on the international market.
He was speaking during the company’s annual general assembly which approved a 15 per cent cash dividend and 15 per cent bonus shares.
Shaikh Omar said the company’s trial production of clinker increased from the beginning of this year by 2.5Mta to 3.8Mta. He added that the company’s earlier maximum production of clinker was 1.3Mta and stressed that the company’s current production of cement remains at 2.5Mta.