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Steel prices in the UAE, which had surged by at least 90% in the first half of this year, have plunged 35-40% in the past few months on surplus stocks and panic selling by traders, reported Khaleej Times. Trade sources said the price of Turkish and Qatar steel have dropped from Dhs6,000 per tonne to Dhs3500.
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Freezing rent increases for residential units for at least a temporary period and fixing rents according to locality are among steps being considered by authorities in the UAE to rein in rising inflation, reported Khaleej Times. Butti Al Qubeisi, Executive Director of the Department of Planning and Economy in Abu Dhabi, said these options have been discussed by a committee made up of representatives from the Ministry of Economy, the Department of Planning and Economy in Abu Dhabi and the Statistics Centre of Dubai as members. A decision about freezing rent hikes would be taken in the near future, he said.
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A new survey has found that prices of portland cement in the UAE rose to Dhs522 per metric tonne in August from Dhs500 in July, as a number of real estate projects went into construction phase, reported Gulf News. According to the building material index issued by the statistical unit of Abu Dhabi Department of Planning and Economy, current construction boom in the UAE in general and Abu Dhabi in particular has increased projects offered to contractors and at the same time given rise to prices of building materials and cost of construction. The prices of building materials in Abu Dhabi saw a marked decline in August in comparison with prices in July, as prices of some types of steel went down by 10 to 15%.
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Oman-based Al Hassan Switchgear Manufacturing Company has started building a new export-oriented factory in Buraimi, Oman Daily Observer has reported. The factory is being built to cater to demands in the UAE market. The Buraimi project will export nearly 90% of its turnover. Al Hassan is also in a joint venture agreement with Siemens for manufacturing medium voltage panels and has supplied more than 1,000 panels in Oman.
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The announcement that UAE financial giant Tamweel's deputy CEO has been detained as part of ongoing investigations into corruption and malpractice in Dubai's booming property sector, has brought the spotlight firmly back onto the negative side of the emirate's economic success story.
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