Business | Markets

Ministry names fixed-price cement outlets

Companies agree to sell product at Dh18 per bag in city limits and Dh19 per bag at off-city stores.

  • Staff Report
  • Published: 00:08 July 15, 2008
  • Gulf News

Dubai: The UAE Ministry of Economy on Monday announced the list of cement outlets and agents who have agreed to sell cement at Dh18 per bag at stores within the city limits and for Dh19 per bag in outlets that are away from the city.

Mohammad Ahmad Bin Abdul Aziz Al Shehi, Undersecretary at the Ministry of Economy, said that the agreement completes the memorandum of understanding that the Ministry of Economy signed on May 2008 with cement manufacturers in the UAE to enhance coordination with cement producers and highlight the responsibility to consumers by regulating prices.

"This step reflects the directions of Sultan Bin Saeed Al Mansouri, the UAE Minister of Economy, and supports the objectives of the ministry to regulate the prices of products and services, where needed, for the overall benefit of the economy. Through this initiative, the ministry aims at preventing cement distributors and agents from raising prices unduly and also ensure timely delivery of cement at an appropriate price," said Al Shehi.

Al Shehi said that the agreement will contribute to market stability and also curb monopoly practices that are harmful to the economy. According to the agreement, cement producers will increase production from 150,000 bags to 250,000 bags per day.

Al Shehi stressed that cement factories must commit to the prices and violators will face legal action. Customers can register their complaints, if any, at the Ministry of Economy hotline, 600522225, or log on to www.economy.ae or visit the office of the Ministry.

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