The Ministry of Economy in the UAE has issued a stern warning to companies, urging them to revert to previous prices for building materials following the Cabinet’s decision to postpone changes in the weights and dimensions of heavy vehicles. The ministry has emphasized its commitment to preventing unjustifiable price hikes and has threatened strict penalties, including fines of up to Dh1 million, for violators. In response to a recent surge in construction material prices, the ministry will implement measures to curb such increases, particularly targeting construction items, to maintain fair pricing across markets. It stressed the importance of seeking official approval before adjusting prices and urged companies to provide justifications for any proposed changes. The ministry’s goal is to promote fair competition, prevent monopolistic practices, and ensure consumer-friendly markets, collaborating with industry stakeholders towards this end. Additionally, the public is encouraged to report any instances of building material price hikes to the ministry for further action.
