DED Alerts Businesses and Entrepreneurs on Unauthorised Events and Offers on Project Financing

Press release
Published October 16th, 2018 - 05:56 GMT
Mohammed Ali Rashid Lootah, CEO of CCCP
Mohammed Ali Rashid Lootah, CEO of CCCP

The Commercial Compliance & Consumer Protection (CCCP) sector in the Department of Economic Development (DED), Dubai has called on businesses and entrepreneurs to be vigilant about misleading and unlicensed project financing offers and competitions often announced at conferences or across social media. CCCP urged to call the DED Contact Centre on 600 54 555 to verify the authenticity of competitions and events that call for innovative business ideas and then ask to pay participation fees, promising that the winning idea will be awarded huge sums as project finance.

The warning comes in line with CCCP’s initiatives to prevent commercial fraud and protect businessmen and potential entrepreneurs with innovative business from people who engage in unlicensed and unscrupulous activities.  It’s also part of DED’s efforts to eliminate negative practices harmful to the market, protect the rights of traders and allow then to conduct business according to the highest international standards while also reinforcing Dubai’s reputation as a preferred destination for business and tourism.

Mohammed Ali Rashid Lootah, CEO of CCCP, said: "The Department of Economic Development seeks to protect the trade sector and ensure that any business activity is duly licensed, thus enhancing transparency in the market. Dubai is witnessing a range of activities aimed at the businesses and entrepreneurs and we invite everyone concerned to contact the appropriate authority and ensure that such activities are genuine.”

Lootah added: "CCCP team follows up on all the events and promotions held across the emirate to ensure that they are in line with the existing laws and regulations and business activity and consumer protection in Dubai and the UAE... We also have an e-Inspection team to monitor promotional offers across websites and social media.”

In addition to the contact centre number, complaints can also be submitted on the twitter hashtag @Dubai_consumers for follow-up and action by DED.

Background Information

Department of Economic Development

The Department of Economic Development (DED) is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. The DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth.

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