The Ministry of Economy recently outlined a new pricing policy aimed at regulating the prices of essential consumer goods in the UAE. The policy consists of three ministerial decrees designed to ensure market stability, enhance consumer protection, and manage stakeholder relations. It will come into effect on 2nd January 2025.
Abdullah Ahmed Al Saleh, Under-Secretary of the Ministry of Economy, emphasised that the UAE’s leadership prioritises economic policies that strengthen consumer protection, ensuring a stable and safe environment. The policy supports the ‘We the UAE 2031’ vision by improving citizens’ quality of life and enhancing the national economy’s competitiveness.
The policy targets nine essential goods, including cooking oil, eggs, rice, and dairy, and covers cleaning products, with price hikes requiring prior Ministry approval. It also monitors supply and demand, aiming to prevent disruptions caused by unforeseen events or external factors. This is achieved through government oversight to ensure fair prices for consumers.
The policy also combats monopolistic practices and promotes transparency. It fosters fair competition and establishes a balance between suppliers, retailers, and online merchants. The Ministry of Economy, local authorities, suppliers, retailers, and consumers all play a role in implementing the policy.
Al Saleh explained three key decisions underpinning the policy: one on price monitoring, another on unit pricing for transparency, and a third on a Code of Conduct for suppliers and retailers. The Ministry reaffirms its commitment to cooperation with authorities to ensure the policy’s success and promote market stability, consumer rights, and sustainable consumption practices.
