UAE New Law Prohibits Firms from Offering 'Very Low' Prices
- Publish date: Friday، 12 July 2024
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The UAE is making sure businesses play fair by banning super low prices aimed at knocking out the competition. The new rule, Federal Decree-Law No. 36 of 2023, is all about keeping the market balanced and protecting us, the shoppers. The law insists that businesses should compete in ways that benefit everyone and don’t mess up the economy.
Merging with Caution
This law isn’t just about prices. It also keeps an eye on mergers and acquisitions (M&As) to prevent any one company from getting too powerful. The goal is to keep the market open and fair, so we all have more choices and better deals.
Read More: Family Laws for Non Muslims Expats Revealed
Who’s Keeping Watch
The Ministry of Economy will be the market referee, teaming up with local authorities to make sure everyone follows the rules. If a company is playing dirty, they’re ready to step in and handle complaints.
Fines Are Coming
Curious about the penalties for breaking these new rules? They’re still being figured out and will be revealed once the Cabinet gives the thumbs up.
This announcement came during a recent media briefing, showing that the UAE is serious about fair play in the business world. So next time you see a great deal, you can trust it’s a fair one!