Dubai’s Crown Prince and Chairman of The Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has announced the setting up of an entity to oversee and ensure fair trade and consumer protection in the emirate.
The new entity is expected to boost the emirate’s position as the leading economic hub in the region while spurring its economic growth.
The announcement, which comes against the backdrop of the ongoing Dubai EXPO 2020, is also largely seen as a strategic effort to strengthen Dubai’s trade sector, making it compete more favourably as the go-to investment hub.
The entity is also widely expected to encourage innovation across key sectors of the Dubai economy as well as create more opportunities for local and international businesses.
“Today, I chaired a @TECofDubai meeting at @expo2020dubai, during which I issued directives to set up a specialised body to ensure fair trade & consumer rights protection. The initiative will contribute to enhancing economic growth & raising Dubai’s status as a global business hub,” tweeted Sheikh Hamdan at a meeting of the Dubai Executive Council held at Expo 2020 Dubai.
Over 414 commercial complaints were submitted to Dubai’s Commercial Compliance & Consumer Protection Sector in the Department of Economy and Tourism, representing a 17 percent decline compared to the previous year.
Speaking exclusively to MENews247, Ola Lind, director, FTFT Capital lauded the directive and termed it as a much-needed boost to Dubai’s competitiveness. He also noted that it will strengthen the emirate’s position as the preferred investment destination.
“Establishing an institution for consumer protection and fair trade is a step in the right direction. It will boost Dubai’s competitiveness as the leading market for local and international investors. This development will also spur quality product development, ensuring that consumers enjoy better products at the right price, said Ola.
On his part, Chairman and CEO, Century Financial, Bal Krishen said that protecting businesses and consumers is essential for economic growth.
“We commend Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council for establishing an institution mandated with consumer protection and fair trade. As the UAE, and Dubai in particular, continues to strengthen its position as the undisputed economic hub, attracting scores of international and homegrown businesses, it has become crucial to establish protective measures for both consumers and businesses,” said Bal Krishen.
The move is widely expected to shore up the government’s efforts to boost its ranking in global indexes, further attracting significant investments from international players as well as encourage homegrown entities.