Oil revenues fuel 70% hike in Dubai cement imports

 

 

Dubai imported almost 3 million tonnes of cement in 2007, according to state figures released on Sunday, as the Gulf region was gripped by a construction boom fuelled by rocketing oil prices.

 

The emirate imported a total of 2.96 million tonnes of cement, a 73.6 per cent increase on the previous year as crude prices reached record highs.

 

"Cement imports have soared during the past three years as a result of the unprecedented construction activities here that accompanied the overall economic boom in the UAE and the region," said Nassim Al Mehairi of government-owned construction firm Dubai World.

 

Mega-projects underway in Dubai include the world's largest airport, the world's tallest tower and an extensive metro network.

 

Dubai World is building the Middle East's largest canal project for more than a century, in the city-state.

 

But construction in the Gulf, which is currently valued at $2.4 trillion (Dh8.8 trillion), has been tempered by increased worldwide demand for building materials, as construction fever spreads to countries like China. (AFP)