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Rajinikanth's daughter Soundarya visited the Tiruvottiyur Shri Vadivudai Amman Temple in Chennai to offer prayers for the speedy recovery of her father
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Traders won't be allowed to gain from cement import incentives
ABU DHABI - The UAE Government has decided that it would not allow traders to benefit from the duty-free import of cement as they had been instrumental in artificially hiking the prices of the commodity over past several months, and thus pushing the construction industry into a severe crisis, an official said.
According to a highly placed source at the Ministry of Economy and Commerce, officials are working on a procedure in this regard under which only the construction companies would be allowed to take the benefit of the new concession help them overcome the huge escalations in the cost of projects, which has financially squeezed many companies.
The source said that the UAE Contractors Association would provide a list of construction companies who have undertaken projects, also indicating their cement requirements for the on-going projects. Following this move, the import of cement would be allowed on 'demand basis'. He said that construction companies would not be allowed to sell the commodity to the cement dealers.
Cement dealers can also import the cement but only after paying the customs duty, he said.
The other incentive which the Ministry of Economy and Commerce has planned for the construction industry is a substantial reduction in port-handling and warehouse charges for the imported cement. Already, the government has come to the aid of the embattled construction industry by allowing a grace period for the completion of the projects, besides a wavier in fees and fines for delayed completion.
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