food items price uae news, 9 Do not increase the price of food items as it appears; UAE with new policy; Food items included are – increasing the price of food items as it appears uae

Dubai: The UAE cabinet meeting approved the new pricing policy for basic consumer products in the country. The new policy states that retailers will not be allowed to increase the prices of nine basic commodities without the approval of the Ministry of Finance. This was at a cabinet meeting held on Sunday under the leadership of Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates and Prime Minister and Ruler of Dubai. The new policy has been drawn up as part of developing fair systems and effective procedures to manage relationships between suppliers, shops and consumers.

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More products will be added gradually

The Ministry of Finance will ensure that outlets across the country set the prices of essential goods in accordance with the new pricing policy. Cooking oils, eggs, dairy products, rice, sugar, poultry, pulses, bread and wheat are the nine food products subject to price fixing restrictions. The UAE government said this is only a preliminary list and other types of basic consumer goods may also be included in the price fixing category.

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Proof of price increase is required

Earlier this year, the Finance Ministry had approved a policy to curb the rise in prices of basic food items. This requires suppliers to present sufficient evidence to justify price increases for certain food items that are in high demand. This applies to high demand goods such as milk and milk products, fresh chicken, eggs, bread, flour, sugar, salt, rice, pulses, cooking oil and mineral water. This list contains over 11,000 items. Suppliers wishing to raise prices due to higher import costs must present all the evidence and data to justify their demand. The ministry will decide on the sanction and rate hike later.

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Support local products

The cabinet also approved a new policy to support local products by changing the duty exemption policy. Only imported goods that are not available locally are now exempt from duty. Sheikh Mohammed tweeted that the aim is to encourage the use of locally produced materials. He was also of the opinion that this would encourage producers to use locally produced raw materials for their production as much as possible.

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Shariah Supervisory Committees

The Cabinet has made a decision on the norms, requirements and regulations of supervisory committees for companies operating in accordance with the provisions of Islamic Shariah. The Cabinet explained that the activities of the committees will be subject to restrictions. For companies, the approval of the internal Shariah Supervisory Committees must be obtained immediately after the establishment of the company and before starting operations.

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