UAE quashes move by local firms to raise cement prices

UAE quashes move by local firms to raise cement prices
Published: 02 June 2006

The United Arab Emirates (UAE)’s Ministry of Economy has overturned a decision by cement factories to increase cement prices by Dhs 10 (US$2.70) per tonne from June 1. In a statement carried by the official Emirates News Agency, WAM, Abdullah Bin Ahmed Al Saleh, a ministry official, said: "The ministry has moved swiftly to overturn the recent decision by cement factories to increase prices by Dhs 10 per tonne."

Saleh said there should be no unified prices for cement, as this would cause instability in the local market and thereby compromise consumer interests. He added that the ministerial move was in line with a cabinet decision aimed at preventing any commercial groupings or alliances to increase the price of any given commodity.