real estate

Prices of building materials under lens

August 25, 2021

The reasons for the increasing prices of construction materials are being probed, the Consumer Protection Authority officials informed the Majlis Ash’shura Council.

Citing regional and GCC markets data, the price increase is not only limited to the Sultanate also to other countries, they said in the session of Majlis Council presided over by Khalid bin Hilal al Maawali, Chairman.

A report of the Economic and Financial Committee on the challenges and incentives required for small and medium enterprises, was also discussed. It included statistics of small and medium enterprises, the challenges they face and impact of the pandemic, and suggestions for development of these firms.

The report also looked into proposals to postpone the application of value added tax on electricity, water and sewage services until 2022. It contained the committee’s vision and recommendations not to burden the citizen.

It also focused on the need to reconsider calculating and reducing the cost of directing electricity subsidies to economic sectors, the importance of reviewing losses in the water sector and reviewing production and distribution costs for public water networks.

The meeting discussed a number of ministerial responses on various topics and which were submitted by the members of the Council to the Ministers.


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