United Arab Emirates Fines Traders Over Price Hikes After Iran Attacks

The United Arab Emirates (UAE) government has imposed fines of more than 200,000 dirhams on traders for unnecessarily increasing the prices of basic commodities following the Iranian attacks.

The Ministry of Economy and Tourism said that more than 7,000 retailers were inspected following reports of food price hikes, and 567 violations were found, most of which were related to overcharging.

The ministry said that traders had unjustifiably increased prices due to increased demand for basic goods after the Iranian attacks, but since the attacks, 449 warnings have been issued to traders, suppliers, and sellers, and fines of 207,250 dirhams have been imposed.

The ministry said that price monitoring is being increased so that the prices of essential commodities remain stable. They said that the prices of edible oil, eggs, rice, sugar, poultry, pulses, bread, and wheat cannot be increased without the approval of the ministry and the national committee.

According to the ministry, there has been a slight increase in the prices of onions and tomatoes in the last two days, which was due to the current Gulf situation; however, these items have also been supplied to the markets in additional quantities to ensure stable supply.

The ministry confirmed that the UAE has sufficient supplies of basic commodities, and there is no need for any concerns in this regard.