Vice President and Prime Minister of UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, has issued a ministerial decision, exempting cement and reinforced steel from custom duties until further notice all over the country. According to WAM, Sheikh Mohammed's move "underlines the country leadership's commitment to stabilise the local real estate market, maintain the momentum of construction boom and ease burden on contractors, landlords and consumers."
The report said Al Maktoum instructed the customs and relevant authorities in the UAE to implement the decision with immediate effect. As per this move, contractors and property owners will be allowed to import these two items without any restriction in order to allow them overcome the growing prices in this respect. Sheikh Mohammed had issued before a similar decree to be implemented at the level of the emirate of Dubai.
So far this year, cement prices in UAE rose from $87 to $119 per tonne, and are currently standing at more than $135 per tonne.
© 2008 Mena Report (www.menareport.com)
