Dubai to set up body to protect consumer rights and ensure fair trade

Move aimed at supporting economic growth in the emirate while ensuring stability of businesses

Dubai's economic strength is spurred by government initiatives and the resilience of the business sector. Reuters

Dubai will set up a dedicated entity to ensure consumer protection and fair trade practices in the emirate.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of the Executive Council, directed the establishment of the specialised body on Thursday, a statement issued by Dubai Media Office said.

It aims to support economic growth in the emirate while ensuring stability and maturity of businesses and providing “pioneering and new opportunities for [the] business sector”.

“The trade sector is the backbone of our economy. Today, Dubai is a base for global, regional and local companies to tap opportunities in the world's most attractive and fastest-growing markets,” Sheikh Hamdan said.

“We continue to strengthen our position as a global leader in supporting businesses to enhance their success and innovation. We seek to build an integrated system that supports equal opportunities and ensures the protection of business and consumer rights.

“At the same time, we aim to create the optimal environment for fostering the development of human resources and logistical capabilities in an integrated manner. Dubai has constantly demonstrated its ability to adapt to changes and create new opportunities across various economic sectors.”

The Executive Council approved the new entity's objectives, focused on reducing anticompetitive practices, reviewing and developing consumer protection policies as well as educating consumers on their rights and responsibilities, the statement said.

It will also ensure commercial establishments’ compliance with laws governing businesses, strengthening corporate self-monitoring across institutions as well as provide a seamless retail experience in Dubai for the local and global community.

Dubai's economic strength, spurred by government initiatives and the resilience of the business sector, has been reflected in global indexes.

The emirate recently ranked among the top 35 cities in the world for attracting venture capital and the funding of start-ups, the first Innovation in Business Index from the Netherlands-based financial platform Finom showed.

In November, the Dubai Innovation Index, a report developed by the Dubai Chamber and PricewaterhouseCoopers, revealed that the emirate in 2020 led the Arab world in innovation and was positioned 20th globally. It ranked ahead of global cities such as Beijing, Shanghai and Sao Paulo, scoring high in the areas of infrastructure, government and society.

Updated: March 24, 2022, 6:08 PM