MOE calls on companies to revert to prices of building materials

The ministry observed a recent surge in construction material prices on the local market due to the Cabinet decision taking effect earlier this month. In response to the Cabinet's postponement, the ministry will implement measures to curb unjustifiable price hikes for materials, particularly construction items, aiming to maintain fair pricing across markets.

The ministry warned that any companies that would raise prices of construction materials without prior approval would face accountability and immediate financial penalties, with strict action to be taken against violators, including fines and legal consequences for coordinated price increases.

The ministry said that all companies must seek official prior approvals for before embarking on any price adjustments, providing justifications for review.

The ministry added that it aims to promote fair competition, prevent monopolistic practices, and ensure consumer-friendly markets in collaboration with all industry stakeholders.

The Ministry urges the public to report any building material price hikes by calling 8001222 or emailing [email protected].

The UAE Cabinet earlier today directed to postpone the implementation of the resolution regulating weights and dimensions of heavy vehicles in the county. The Cabinet also directed the Ministry of Energy and Infrastructure to conduct an extensive study on decision rationales.Furthermore, the Cabinet directed the Ministry of Economy to cooperate with all economic entities to study and execute vital measures to prevent any unjustified increase in prices of any goods and commodities.