UAE economy boosted by consumer confidence
Consumer confidence boosts UAE economy
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Boosting consumer confidence in the UAE markets is helping lift the Emirate’s economy, Sami Al Qamzi, Director General of the Dubai Department of Economic Development, told media at the opening of Dubai World Conference for Consumer Rights (DWCCR) on Monday.
The gains of increasing consumer confidence are translating in boosting retail sector Which automatically turn around to be a big support to the economy, he added.
Shaikh Majid Bin Mohammed Bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority, inaugurated the DWCCR with the attendance and participation of top government official and 25 international experts.
Al Qamzi remarked that increasing consumers’ and retailers’ awareness about their rights and duties can promote the retail sector — a sector that will keep growing at a pace of 5.5 per cent until 2015.
“Retailing is one of the leading economic activities in Dubai and its value-add has grown in real terms at more than 12 per cent on average per year in the last decade, accounting for over Dh15 billion in 2011,” Al Qamzi explained.
The Commercial Compliance & Consumer Protection (CCCP) sector at DED is always working on evolving and implementing policies and regulations on consumer rights protection and best practices that would enhance Dubai’s reputation as a competitive retail destination.
Mohammad Lootah, Deputy CEO of CCCP, told Gulf News that DED is seeking to upgrade its legislation on consumer protection regularly and to ensure the right implementation of these regulations.
“CCCP has launched a lot of initiatives to lay down a clear legal framework that both consumers and retailers can be guided through.”
The Dubai World Consumer Rights Conference and Power Brands Dubai exhibition will enable the private sector and governments learn the best means to leverage such forecasts for sustained growth, he said.
Curbing illicit practices:
On the other side, Al Qamzi said: “Upholding consumer rights and fighting unhealthy practices like counterfeiting are vital elements of the ongoing efforts to add transparency and neutrality to business in Dubai and the UAE in general,”
Earlier this year, the Federal Cabinet headed by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, approved a new draft law on combating commercial fraud, reiterating the government’s commitment to protecting consumer rights and the integrity of trade, Al Qamzi remarked.
Moreover, Lootah added that the CCCP has a special team to control and watch over illegal practices in the market.
“The UAE Consumer Protection Law provisions as well as the CCCP regulations are getting stronger teeth over cheating and manipulation in the market.”
There is a clear regulation that defines the relation between consumer and retailer that each should abide by.
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