Wholesale and retail sellers are warned not to implement price increase or end up paying a hefty fine of Dhs250,000 to Dhs2 million.
This comes following the directives of the Abu Dhabi Executive Council.
The Department of Economic Development (DED) – Abu Dhabi has taken disciplinary action against companies that increase prices without justification, in order to regulate the market and ensure consumer protection.
For the first violation, they will face a fine of Dhs250,000. The Dhs2 million fine is for those repeat violations.
Fines apply to those raising prices for food and medical equipment whether selling retail or wholesale.
Meanwhile, those who will refuse to sell or create monopolies will also be subjected to the same fines.
DED also has the capacity to temporarily close down the violating facility, suspend its license for a minimum of one month up to a maximum of 3 months, or to close it down permanently, confiscate the said items, and to refer the case to the prosecution if the violation is deemed an unlawful offense.
Violators may appeal for the administrative fines within 60 days from the date of reporting the infraction. The DED will look into the grievance within 90 days from the date of the transmittal of the appeal.
DED may turn down the appeal, reduce the administrative fine or abolish it.
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