The UAE government warns of a fine of one million dirhams due to the high prices of some materials

Due to the high price of some materials, the government of the United Arab Emirates has issued a warning that a fine of one million dirhams may be imposed.

The UAE government issued a warning about a one million dirham fine since some materials are very expensive.

UAE imposes an order to stop the price growth of building supplies, up to Dh1 million in penalties.

The UAE has issued an injunction to prevent an increase in the price of building materials, which might result in a punishment of up to one million dirhams.

In order to ensure that building supplies are priced fairly across the country's numerous marketplaces, the Ministry of Economy is currently considering and implementing several policies.

After receiving a direction from the UAE Cabinet to delay the decision regarding the weights and dimensions of heavy vehicles, the Ministry of Economy has issued a call to businesses, urging them to return to the pricing of building materials that were in place before the order was issued. Additionally, the Ministry has warned that it will take decisive action to prevent any rises from occurring. The Ministry of Finance issued a warning that it would take decisive efforts to prevent any unreasonable price hikes, including the imposition of financial fines of up to one million dirhams on businesses that violated the regulations.

Earlier this month, the Cabinet decision went into effect, which resulted in an increase in the prices of construction materials on the local market. The ministry saw this increase immediately. The ministry will implement measures to restrict unreasonable price spikes for materials, notably building products, in reaction to the postponement of the Cabinet. The ministry's goal is to preserve fair pricing across all markets.

The Ministry of Economy in the UAE warns companies against increasing the prices of building materials.

The United Arab Emirates Ministry of Economy has issued a warning to businesses, advising them not to raise the prices of building supplies.

It was cautioned by the ministry that any businesses that would raise the costs of construction goods without first receiving approval would be held accountable and immediately subject to financial penalties. The ministry also stated that harsh action would be taken against anyone who violated the regulations, including the imposition of fines and legal implications for coordinated price rises.

According to the ministry, all businesses are required to obtain formal prior authorization before beginning any kind of pricing change, and they must also provide arguments for evaluation and consideration.

Calling 8001222 or sending an email to [email protected] is the way that the Ministry encourages the general people to report any increases in the cost of building materials.

Read also: Dubai International Airport announces good news

Follow Us on Follow Akhbrna News at Google News
Join Telegram channel