UAE Ministry of Economy Introduces New Pricing Policy for Essential Goods
The UAE Ministry of Economy has announced the implementation of a new pricing policy, effective January 2, 2025, aimed at regulating the prices of nine essential consumer goods. This initiative seeks to enhance transparency, protect consumer rights, and promote fair competition in the country’s markets, aligning with the "We the UAE 2031" vision.
His Excellency Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, highlighted the importance of building a robust consumer protection ecosystem to ensure market stability, product quality, and fair pricing. He stated, “The new pricing policy represents a pivotal step towards enhancing oversight and transparency for essential goods, reflecting the UAE’s commitment to global best practices.”
Key Highlights of the New Pricing Policy
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Nine Essential Goods Under Regulation: The policy focuses on cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat. Price increases for these items will require prior Ministry approval.
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Three Ministerial Decrees:
- Ministerial Decision No. 246 of 2024: Establishes monitoring mechanisms to prevent arbitrary price hikes, ensuring stability and allowing for price increase requests only under specific conditions.
- Ministerial Decision No. 245 of 2024: Mandates unit price display for better consumer transparency and fair competition. Retailers and online merchants must provide clear pricing per standard measurement units.
- Ministerial Decision No. 247 of 2024: Introduces a Code of Conduct to regulate supplier-retailer relationships, fostering integrity and transparency in the consumer goods sector.
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Consumer Rights and Oversight: The policy empowers consumers to file complaints against violations and grants the Ministry supervisory powers to ensure compliance.
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Market Stability: The new framework aims to balance supply and demand, prevent monopolistic practices, and protect consumers from sudden disruptions caused by economic fluctuations.
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Enhanced Transparency: Retailers must display unit prices in a standardized format, ensuring informed consumer choices and fostering competition based on value.
Commitment to a Sustainable Economy
The Ministry emphasized the policy’s role in achieving the UAE’s vision of a sustainable economy rooted in transparency and fair competition. H.E. Al Saleh stated that the decrees align with Federal Decree-Law No. (5) of 2023 and Cabinet Resolution No. (120) of 2022, reinforcing the nation’s dedication to consumer protection and economic resilience.
The Ministry called on all stakeholders, including suppliers, retailers, digital merchants, and consumers, to support the new policy’s implementation and promote responsible purchasing practices.
