The move will consolidate Dubai's position as one of the main hubs of global economy. Image Credit: Dubai Media Office

A new institution dedicated to consumer protection and fair trade will be established in Dubai, the Crown Prince said on Thursday.

The move will consolidate Dubai’s position as one of the main hubs of global economy, particularly in trade and business, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, said.

“The trade sector is a major backbone of our economy, and our markets today offer quality and rich options that make them one of the fastest growing markets in the world and attractive to business. We continue to strengthen our leadership position through an integrated system that supports equal opportunities and ensures the protection of business interests.”

Chairing a meeting of The Executive Council at the Women’s Pavilion at Expo 2020 Dubai, Sheikh Hamdan said the institution’s objectives will be to focus on reducing practices harmful to competition, raising awareness of commercial establishments about their rights and duties, protecting intellectual property rights, among other things.