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03 December 2023

Price fixers face fine of up to Dh1 million

By Staff

Traders who manipulate goods in the market with the aim of pushing up their prices could face a fine of up to Dh1million under a new tough punitive system approved by the country’s parliament on Tuesday.

Fines of up to Dh200,000 could also be imposed on dealers who do not stick labels showing the price and details of their products.

In a report published on Wednesday, the Arabic language daily Emirat Alyoum said the Federal National Council (FNC) endorsed the new law presented by minister of economy, Sultan bin Saaeed Al Mansouri to introduce stiffer penalties against trade fraud and manipulation in the country.

The new law imposes fines of between Dh10,000 and Dh1 million on traders who conceal or refuse to sell products with the aim of manipulating prices.

The law also affects those who impose prices which are above the stated price and dealers who force clients to buy other products as part of a transaction.

“Same fines will be imposed on suppliers and traders who sell or promote fake products or items that could harm the health of consumers,” the paper said.

It also imposed fines of between Dh10,000 and Dh200,000 against dealers who fail to stick price and product details labels on their items.

The law also stipulated that consumers have the right to get a dated bill from dealers showing the price and the product type.