Abu Dhabi fines businesses over war profiteering
- Watchdog issues 416 warnings and 38 fines
- Adra chief says market stability a priority
- Consumers asked to report instances
The Abu Dhabi government has issued more than 400 warnings to businesses for not adhering to regulations prohibiting price increases during the Iran conflict.
The Abu Dhabi Registration Authority (Adra), which develops and regulates the business sector in the emirate, issued 416 warnings and 38 fines after conducting 740 field visits in Abu Dhabi city, Al Ain and the Al Dhafra region, it said in a statement on Wednesday.
Adra has already issued a circular asking businesses to provide essential goods in sufficient quantities and to refrain from raising the prices of goods and services without a legitimate and documented justification.
The authority prioritises market stability to create a fair and sustainable business environment, Mohamed Munif Al Mansoori, director general of Adra, said in a statement.
Adra was founded in 2024 as an arm of the Abu Dhabi Department of Economic Development.
It has called on consumers and traders to cooperate and report any irregular practice.
Earlier this month, AGBI reported that UAE supermarkets said supplies remained ample and prices were unlikely to rise in the short term, despite signs that the widening regional conflict had caused residents to rush to stock up.
Abdulla bin Touq Al Marri, the minister for economy and tourism, has confirmed that the UAE has strategic reserves of basic goods that will cover needs for between four and six months.
More news on the Iran conflict
- Rising air fares are ‘oil-related, not opportunism’
- Dubai residents resigned but optimistic in face of Iran war
- Bahrain GP expected to be cancelled due to Iran war
You May Also Like
Solana Overtakes Ethereum In Trillion-Dollar Sector, Is There A New King In Town?
Shiba Inu Price Steady as Kusama’s X Silence Sparks Speculation
