Demand for building materials is expected to continue rising in the UAE amid a construction boom and the launch of new projects by property developers, a senior executive has said.
Dubai is constructing a new terminal at Al Maktoum Airport with a total investment of Dh128 billion ($34.8 billion) to expand its capacity to 260 million passengers. Developers including Emaar Properties have announced projects near the area in anticipation of higher demand from buyers.
Developers have also unveiled new projects across other parts of the Emirates as demand for property continues to rise amid a rise in prices.
“The new terminal airport in Dubai … all the developments in Abu Dhabi are showing quite healthy demand. We expect that demand to grow for the foreseeable future,” said Hugo Losada, chief executive of building materials at Emirates Steel Arkan.
He was speaking to The National on the sidelines of the Make it in the Emirates forum that concluded in Abu Dhabi on Tuesday.
Emirates Steel Arkan sold Dh1 billion worth of building materials in the UAE last year and expects a 5 per cent to 10 per cent growth in sales in 2024 amid the construction of new projects, Mr Losada said.
“We expect single-digit growth in sales because of the construction boom that’s happening.”
Listed on the Abu Dhabi Securities Exchange, Emirates Steel Arkan is the largest public steel and building materials business in the UAE.
The company produces steel, cement and concrete blocks, as well as PVC pipes used in the construction industry.
It was formed after the merger of Emirates Steel and Arkan Building Materials in 2021.
The building materials division contributes 20 per cent to 25 per cent of the overall profit of Emirates Steel Arkan and 10 per cent to 15 per cent towards its overall revenue, Mr Losada said.
Emirates Steel Arkan recorded a net profit of Dh601.9 million last year, while its revenue touched Dh8.9 billion.
Meanwhile, the building materials division recorded a revenue of Dh871 million last year, with profit hitting Dh145 million.
Outside of the UAE, the company exports building materials to countries such as Bangladesh and Sri Lanka.
It owns the biggest cement factory in the country, located in Al Ain, with a capacity of 4.6 million tonnes. Emirates Steel Arkan also has plants in Abu Dhabi for the manufacture of pipes and concrete blocks.
The company is contributing to the Make it in the Emirates initiative as well as Operation 300bn, which aims to position the country as an industrial centre by 2031, Mr Losada said.
“We have a very high level of in-country value because the raw materials are mainly sourced locally, in terms of cement, in terms of blocks,” he said.
Operation 300bn, launched in 2021, focuses on increasing the industrial sector's contribution to gross domestic product to Dh300 billion by 2031, from Dh133 billion in 2021.
The UAE industrial sector’s contribution to GDP reached about Dh197 billion last year, with the country achieving 30 per cent of Operation 300bn’s target so far.
Mr Losada added Emirates Steel was playing a crucial part in Abu Dhabi's manufacturing industry, with a contribution of 11 per cent.
While the company does procure some components for pipes from abroad, it is hoping to soon start sourcing them locally.
Emirates Steel Arkan spent Dh2.4 billion in local procurement last year, up 34 per cent compared with the previous year.
The company buys scrap locally to recycle as part of its decarbonisation drive, as well as limestone and other raw materials, Mr Losada said.
By doing this, the company is also reducing emissions as the products do not need to be transported over long distances, he said.
“Local purchase by the end of the day is a win-win solution for us as well.”
Meanwhile, Dubai Industrial City, which is part of Dubai-listed Tecom Group, attracted investments worth Dh2.8 billion in the last 18 months as the UAE continues to focus on the growth of the industrial sector and attract more investment into the country.
The industrial zone attracted investments in sectors including food and beverages, building materials, transport and machinery equipment, Saud Alshawareb, executive vice president of industry at the Tecom Group, told The National.
“The ecosystem that we provide – the ease of doing business, being close to one of the busiest ports in the world, which is Jebel Ali port”, as well as Al Maktoum airport – helps companies to boost exports because of better connectivity, he said.
The new comprehensive economic partnership agreements signed by the UAE with different countries including India, Turkey and Indonesia also help companies to export “Made in UAE” products to different markets at competitive prices, he said.
The UAE has signed 10 Cepas so far with countries in Asia, Africa and Latin America.
Dubai Industrial City also bought 13.9 million square feet of new land from Dubai Holding Asset Management for Dh410 million amid higher demand.
“This was mainly because of last quarter, the inventory of land that we had, occupancy wise had reached 97 per cent,” Mr Alshawareb said.
“So, this was an immediate reaction from our side to launch that 13.9 million to cater to the demand of the industrial companies that are willing to expand and grow within Dubai.”
There are currently more than 300 operational factories in Dubai Industrial City, with more than 1,000 business partners using its facilities.
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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Day 5, Dubai Test: At a glance
Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.
Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.
The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.
Results
5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud
6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel
7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.
The Outsider
Stephen King, Penguin
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
UAE currency: the story behind the money in your pockets
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
UAE currency: the story behind the money in your pockets
Match info
Bournemouth 0
Liverpool 4 (Salah 25', 48', 76', Cook 68' OG)
Man of the match: Andrew Robertson (Liverpool)
Dunki
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RESULT
Copa del Rey, semi-final second leg
Real Madrid 0
Barcelona 3 (Suarez (50', 73' pen), Varane (69' OG)
PAKISTAN SQUAD
Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah.
Bob Honey Who Just Do Stuff
By Sean Penn
Simon & Schuster
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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