On Thursday, the Dubai Crown Prince announced that Dubai is in discussions of establishing an institution for consumer protection and fair trade in the emirate.
The move will consolidate Dubai’s position as one of the main hubs of the global economy, particularly in trade and business, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, said.
“The trade sector is a major backbone of our economy, and our markets today offer quality and rich options that make them one of the fastest-growing markets in the world and attractive to business. We continue to strengthen our leadership position through an integrated system that supports equal opportunities and ensures the protection of business interests.”
While chairing The Executive Council meeting at the Women’s Pavillion at Expo 2020 Dubai, Sheikh Hamdan expressed that the main objectives of the new institution will be to regulate the happening trade practices, deals, and agreements in the Dubai market, aim at eliminating any malpractices that create harm to the market competition and consumers, educating commercial businesses about their social and moral responsibilities and duties towards society and environment (Corporate Social Responsibility (CSR)) and protecting intellectual property rights, patents, and any trade protection-related activities.