Oman may reduce duty on building materials

Muscat: Oman said on Saturday it was considering reducing import duty on building materials in an effort to put a cap on rising inflation in the construction sector.

Chamber of Commerce and Industry Chairman Khalil Al Khonji said, "We are revising the import duty on building materials to help reduce the cost of cement, steel and wood."

Khonji did not say to what level the import duty would be reduced. Oman's import duties range from 5 per cent to 15 per cent.

Oman had restricted the import of cement two years ago to support the sale of local firms Oman Cement Co and Raysut Cement Co but the move caused shortage in the market.

Said Al Barwany, chairman of Al Barwany Construction, said Oman needed an extra 20,000 tonnes per day of cement to help reduce the shortage.