In the UAE, government approval is needed to increase the prices of basic products Government approval is needed to increase the prices of basic products in the UAE

Dubai: UAE has taken steps to curb the rise in prices of basic products. Officials informed that prior approval should be obtained from the Ministry of Economic Affairs to increase the price of nine products. The Cabinet meeting chaired by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, approved the new policy.

Approval should be sought for the price increase of oil, eggs, milk, rice, sugar, chicken, pulses, bread and wheat. Officials said that this is only the preliminary list and more products will be included in this list depending on the price level. The new policy was announced with the aim of protecting the common man from price increases and making the relationship between suppliers, consumers, producers and sellers more effective.

There was also a change in the customs clearance policy for imported goods. From now on only products that are not available locally will be excluded. The action is part of promoting local products.

A new policy has also been issued for organizations operating in accordance with Sharia regulations. Such organizations should seek approval from Shari’ah Supervisory Committees.

Earlier this year, the Ministry of Economic Affairs had adopted a new policy to prevent price hikes. It was suggested that the price increase can only be made after explaining the reason for the increase. Milk, fresh chicken, eggs, bread, sugar, salt, rice, pulses, cooking oil, mineral water etc. were in this list. 11,000 products were included in this category. It was suggested that if there are reasons including an increase in import costs, that should be made known.

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