UAE Cabinet warns of tough action against dairy cartels :: Gulf News
Chaired by Shaikh Hamdan Bin Zayed Al Nahyan, Deputy Prime Minister and State Minister for Foreign Affairs, the Cabinet rejected attempts by any cartel to maintain high prices or restrict competition. "The Cabinet rejects the principle of setting up cartels to fix prices, because this approach does not serve society and the national economy. It also contravenes the principle of free economy adopted by the country," a statement said yesterday. The Cabinet instructed ministries of Finance and Industry and Economy and Planning to take all measures to stop these monopolistic practices "which distorts the principle of free economy adopted by the country".Emphasis added. I look forward to seeing what comes of this.
Reacting to the new prices, the Consumer Cooperative Union which accounts for nearly 45 per cent of the overall volume of dairy products sourced in the country, has stopped selling dairy products from yesterday.