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UAE construction sector face soaring building material costs even as cash in hand remains tight


Dubai: The UAE’s construction and building materials sector is facing problems – and the sharp rise in project costs since late 2020 isn’t the only issue now.
“Projects that are getting completed are facing difficulty in getting their payment dues,” said Bharat Bhatia, CEO of Conares, which operates two steel mills in Dubai and is also one of the leading supplier of the key building commodity. “That would have been OK if new real estate projects were being launched. But that’s not happening as developers have drastically cut down on new launches.
“The industry will need all the help it can get from the federal and local authorities.” ....

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