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UAE govt takes action to control building material prices

UAE govt takes action to control building material prices

UAE govt takes action to control building material prices

UAE govt takes action to control building material prices

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The UAE Cabinet has issued an order to delay the decision on heavy vehicle weights and dimensions. Consequently, the Ministry of Economy has directed companies to revert to previous prices for building materials.

It warns of strict measures, including fines of up to Dh1 million, to prevent price hikes.

The Ministry of Economy has observed a recent rise in construction material prices following the earlier Cabinet decision.

To address this, it plans to implement measures to control unjustifiable price increases, especially in construction items, to maintain fair pricing.

Companies increasing prices without approval will face immediate penalties, including fines and legal action for coordinated hikes. Prior official approval is required for any price adjustments, with justifications needed for review.

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The Ministry aims to promote fair competition, prevent monopolies, and ensure consumer-friendly markets in collaboration with industry stakeholders. It urges the public to report any building material price increases.

The UAE Cabinet’s directive also includes conducting a thorough study on heavy vehicle weights and dimensions and collaborating with economic entities to prevent unwarranted price hikes.

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