Big relief for expats: essential items available without leaking pockets, authorities to monitor

DUBAI: The UAE has blocked companies' moves to sell their products at very low prices with the aim of capturing the market. Government sources indicate that the action is being taken because such approaches are adversely affecting the country's economic and industrial progress. The law will also regulate mergers and acquisitions in the local market.

The authorities believe that with the implementation of the new law, there will be a ban on monopolistic approaches, while ensuring healthy competition among companies, and protecting the rights of consumers as much as possible. There will also be strong inspections to ensure that no violations occur. Strong action will be taken if the complaints received are found to have merit. The Competition Regulation Committee will oversee everything.

The Competition Regulation Committee shall also be responsible for prescribing general policy for the protection of competition, scrutinizing and making recommendations on issues relating to the application of the provisions of this Act.

Abdullah Ahmed Al Saleh, undersecretary of the ministry of economy, said, ‘The new law aims to ensure a favorable environment for enterprises and combat monopolistic practices by prioritizing efficiency, competitiveness and consumer interests.’ Behind the implementation of the new law is the goal of making the UAE a global center of the economy within the next decade, which is rushing towards massive change and progress.

Many large companies are implementing the method of capturing the market at a low price. They will sell their products in the market at a lower price than that offered by another company in the market which is competing in the market, although it may seem favorable to the customers at first. With this, the customers will be behind them.

Will try to hold on for a few days but when they can't, other companies will leave. The monopoly giants will also try to take steps to acquire the withdrawing companies. Once they realize that they are the only ones in the market, the company will slowly start increasing the price of the products. Maximum price will be increased within a few days. This will be a huge setback for the customers. They will have to buy the products at the mentioned price. The customers will not even be able to complain against this.