The UAE Cabinet recently approved a new consumer products pricing strategy. The Ministry of Economy will be in charge of maintaining oversight over the basic commodity suppliers’ and retailers’ adherence to the policy’s pricing requirements for nine basic commodities.
Cooking oils, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat are all covered under the policy. This happened on Sunday while His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai, presided over a Cabinet meeting.
Earlier this year, the Ministry of Economy approved a strategy to control price hikes on basic items. For some of the most popular products, including fresh and dried milk, fresh chicken and eggs, bread, flour, sugar, salt, rice, and beans, cooking oil, mineral water, and others, the policy requires suppliers to show documentation to substantiate price hikes.
More than 11,000 commodities are included in this category, and suppliers that wish to increase their pricing due to high import costs must provide all pertinent information and supporting documentation. The permission and tariff increase will then be decided by the minister.
The new policy supports promoting regional products. By altering the customs exemption policy, the Cabinet also approved a new strategy to boost homegrown goods. Only imported products that are not readily available locally will now be exempt.
The intention, according to Sheikh Mohammed’s tweet, is to get industries to adopt locally made materials to help them.
Additionally, Shariah supervisory committees for businesses are involved in pricing policies. The rules, regulations, and controls for supervisory committees for businesses that carry out their operations in line with Islamic Shariah were decided upon by the Cabinet. The choice establishes limitations on committee work.
Companies must get the internal Shariah Supervisory committees’ blessing before beginning any activities after they have been established.