UAE Contractors Association (UCA) has urged the government to intervene by fixing the prices of cement manufactured by local companies. In response to the current situation, the UCA is also helping leading
contractors in setting up a building materials company with a capital base of Dh100 million to cap the flare-up in building material prices, said Dr Ahmed Saif Belhasa, UCA chairman.
"We believe in the open market economy. But no one should be allowed to take unfair advantage of the situation. The price of the building materials has not risen in the international markets to the extent we are witnessing in the local market. Some traders are taking undue advantage of the situation, adding misery to the construction industry."
The UCA is meanwhile studying the possibility to getting compensation from the authorities. "We have asked experts to prepare a comparative study on building materials prices between 2002 and 2004 and submit it to the government to help in redressal measures that will help many contractors who are facing losses due to the sudden price hike of essential building materials," Dr Belhasa added (original report from Gulf News).