RAK ruler issues law on price

His Highness Sheikh Saqr bin Mohammed Al Qasimi, UAE Supreme Council member and Ruler of Ras Al Khaimah, has issued law number seven of year 2008, on reduction of prices. As per this law, no commercial shop is allowed to conduct any price reduction, or clearance of any item, or advertise any promotion, unless after accessing a permit from Economic Development Department (EDD), specifying beginning and expiry dates of sale prices.

The permit will not be issued except to those who hold licences issued by EDD and registered by Ras Al Khaimah Chamber of Commerce and Industry. The reduction price of any item should not be less than 25 per cent. Clearance should not be less than 40 per cent. Inspectors will be allowed to check price columns of reduction prices. (Wam)

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