UAE competition forces Oman cement prices down

UAE competition forces Oman cement prices down
03 March 2011

Revenue-stricken cement firms in the UAE have been stepping up their sales into Oman, forcing down prices by a quarter in the growing Sultanate, according to Raysut Cement Company.

The Muscat-listed manufacturer informed shareholders in its annual report that cement consumption nationwide rose 7.5% on the back of a 6% rise in economic growth, buoyed by government support for infrastructure projects and improved business confidence.

But an over-supply of around 6Mt in the UAE, due to a moribund construction market, has seen Emirati firms “as a last resort” sell into the Omani market and forcing prices down 25% last year against 2009.
Published under Cement News