Dubai: With the nature of the market and the existing legal infrastructure, it is very difficult to control prices in UAE, Ralf Nader, a Consumer Advocate and Former Green Party Candidate for President in the USA, told Gulf News on the side line of Dubai World Conference for Consumer Rights.
“It is very difficult to control prices not only in the UAE market but the Middle East overall,” he said.
Since the UAE imports most of its products, Nader remarked that there is always political lobby between the corporate and exporters.
“In such a market price control will end in mass shortage in products as well as the emerge of black markets.”
Thus, he recommends that a change should be made and government should jump in and change polices.
“Storage as well as encouraging domestic production are two main options to curb price increase,” he said.
Moreover, he said that government subsidising the essential products is one of the most effective tools to control prices in any market.
On the other side, Omar Bu Shahab, CEO of Commercial Compliance and Consumer Protection Sector at the Dubai Department of Economic Development, said: “The UAE Ministry of Economy has set up a higher committee represented by members from the ministry and economic departments across the emirates to control price increase in market.”
Pointing to the price control mechanism in Dubai, he said that the department has listed the price of 22 groups of products on its website, including the official prices of thousands of commodities, so that consumers can compare the prices.
However, Bu Shahab remarked that the DED is working to extend the price list on its portal very soon.
