RIYADH, 29 August 2006 — The Council of Saudi Chamber of Commerce and Industry will be holding a meeting of businessmen in the middle of September to discuss issues relating to the reconstruction of Lebanon.
Businessmen have said that the prices of raw materials; especially concrete, iron and cement; have rapidly increased by 10 percent. Businessmen say such raises in prices may potentially cause a crisis.
Rashid Bin Mohamed Al-Rashid, the deputy general manager of projects at the Al-Rashid & Al-Manure Trading and Entrepreneurship Company, said that the committee at the Riyadh Chamber of Commerce would soon start participating in the reconstruction of Lebanon. However, it is not yet decided how the Saudi private sector will be contributing in the construction work. Al-Rashid said, “It is to be decided in the meeting in September.”
Al-Rashid explained that he believed that the 10 percent increase in concrete price is related to the boost in reconstruction projects in Lebanon.
“Though prices are now constant, construction materials may witness a crisis due to the increasing demand in the Lebanese market,” he said. “Businessmen have been hindered by the rapid increase in prices. The contracts drawn by businessmen were done so on previous prices,” he said.