Page 408 - MOE ENGLISH PR REPORT - JUNE 2024

6/24/24, 3:32 PM Latest News

H.E. Abdulla bin Touq Al Marri, Minister of Economy, affirmed the UAE’s commitment to

refining economic policies and legislation aimed at strengthening consumer protection and
safeguarding consumer rights. Under the guidance of its wise leadership, the UAE is

committed to creating a secure and stable consumer environment, fostering vibrant markets,

and adhering to global best practices. These focused efforts are designed to improve the

quality of life for both citizens and residents, while simultaneously enhancing the growth and

competitiveness of the national economy on regional and global scales, aligning with the

vision of ‘We the UAE 2031’.

H.E. said: “The Committee plays a crucial role in advancing the UAE’s national objectives and

strategies for consumer rights protection. Through proactive measures, the Committee

develops projects and initiatives that promote the adoption of best business practices in the

marketplace. It also establishes mechanisms to regulate prices of goods and products, thus

ensuring adherence to legislation governing consumer rights protection. These efforts aim to
provide consumers with an exceptional purchasing experience and guarantee the availability

of sufficient quantities of goods and products to meet their needs.”

During the meeting, the Committee reviewed its notable achievements in 2023, including

significant contributions to establishing an integrated consumer protection framework within

the UAE. This was achieved through their contribution in the development and revision of a
series of relevant legislation and policies, such as Federal Decree Law No. 5 of 2023

amending Federal Law No. 15 of 2020 on Consumer Protection, and its executive regulation

issued by Cabinet Decision No. 66 of 2023. The Committee effectively implemented pricing

policies for essential consumer goods based on Cabinet Decision No. 120 of 2022.

Additionally, the Committee issued ten recommendations pertaining to this framework, all of

which were successfully executed through collaboration with relevant government bodies and
authorities.

The Ministry of Economy’s endeavours to regulate the prices of goods and products in the

markets:

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