A circular regulating the trading of basic commodities in Ras Al Khaimah

The Department of Economic Development in Ras Al Khaimah issued a circular regarding regulating and controlling the trading of basic commodities in markets, as part of its continuing efforts to protect consumer rights, enhance market stability, and ensure the continued availability of goods and services at normal levels in the emirate.

The circular includes a set of controls and regulatory procedures that economic establishments must adhere to, in a way that contributes to maintaining market balance and price stability, and ensuring the provision of basic commodities, especially foodstuffs, in sufficient quantities that meet the needs of society.

The department confirmed in its circular that it is prohibited for any economic establishment to increase the prices of goods or services except based on a legitimate and documented justification, consistent with applicable laws and regulations, and after completing the procedures and obtaining the necessary approvals – if any – in accordance with the approved regulatory frameworks. The department also stressed the need for establishments to commit to providing basic commodities continuously and in sufficient quantities to meet market demand, in order to achieve stability of supply and maintain the natural balance between supply and demand, with an emphasis on preventing the sale of commodities in unusual quantities for the purpose of storage or resale, which may lead to disrupting the market balance or harming consumers.

The circular also indicated the need for establishments to refrain from any practices or actions that may constitute a monopoly, collusion, or negatively affect legitimate competition or market rules.

The department confirmed that it is continuously monitoring market conditions through its supervisory teams, stressing that it will take the necessary legal measures against any facility proven to be in violation. She called on community members and customers to contact her in the event of any inquiries or comments via the number “072044444.”