Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE Companies Welcome Proposed FNC Amendments to Anti-Fraud Bill  Join our daily free Newsletter

MENAFN Press - 16/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) Fake Automotive Parts Cost Lives, Says Local Industry Leader



Dubai, United Arab Emirate



Putting a spotlight on counterfeit automotive parts, leading UAE auto parts distributor A-MAP has welcomed recent proposed amendments to an anti-fraud bill expected to come into effect next year as suggested by the Federal National Council (FNC).



The proposed bill, which covers the whole country and its freezones, has been lauded by Asad Badami, managing director of A-MAP, which specialises in the distribution of aftermarket automotive spare parts, automotive batteries, tyres and lubricants, and who believes fake parts put the lives of the UAE's road users in peril



"We're pleased to see the FNC addressing the issue of fraud and counterfeiting with a firm stance. Fake parts may be cheaper, but their safety and durability are not tested, and fitting them could come at great cost to everyone's safety on the road, not just that of the driver," Badami said



"Counterfeit automotive parts could also cause significant vehicle damage, as they are built to vehicle specification, and could trigger breakdowns or worse. They typically don't last as long as genuine parts and vehicle owners will have to replace them much quicker," he added




The proposed legislation, which will replace a 35-year old federal law, will put in place far greater punishments for those who contravene it



As recently as October of last year, more than 2,000 counterfeit car parts and accessories worth more than AED 600,000 were confiscated in Al Ain, according to officials



Overall more than AED 35 million in counterfeit products were seized by the Abu Dhabi Department of Economic Development (DED) in 2013, and a recent study by the Brand Owners Protection Group suggested that car parts could account for almost 70 percent of all fake goods in the UAE, based on market value and volume.



The US Federal Trading Commission (FTC) suggests that counterfeit auto parts cost the general global automotive parts as much as USD 12 billion a year in lost sales, with about USD 1 billion of that estimated in the Middle East alone







- ENDS


About A-MAP
About A-MAPA-MAP specializes in the distribution of aftermarket automotive spare parts, automotive batteries, tyres, and lubricants. Headquartered in the 'bustling trading hub' of Dubai, UAE, A-MAP operates a network of branch offices in Asia, Africa, and North America. With world- leading portfolio of brand names such as Solite, Fenix, Asimco, RBI, Crown, and Strada, A-MAP has mastered supply chain management systems to deliver the ultimate in client satisfaction.For more information, please visit www.a-map.net. For Press InformationWallis Marketing Consultantsinfo@wallis-mc.com 971.4.390.1950

 


MENAFN Press




  MENA News Headlines
 May 27 2016 - Qatar- Five key clashes in the Champions League finalThe Peninsula
(MENAFN - The Peninsula) The 2016 UEFA Champions League Final logo at the Piazza Duomo in Milan, Italy, on 26 May 2016. EPA/DANIEL DAL ZENNARO Madrid:Real Madrid face local rivals Atletico Madrid ...

 May 27 2016 - Qatar- Al Shaqab students graduate at a glittering ceremonyThe Peninsula
(MENAFN - The Peninsula) Students who received equestrian training at Al Shaqab, pose for a photograph with special guests during their graduation ceremony after receiving their certificates ...

 May 27 2016 - Qatar- Four international players to continue with Al RayyanThe Peninsula
(MENAFN - The Peninsula) Ali Salem Afifa, Head of Football at Al Rayyan Doha: Following a successful local football season, Al Rayyan have secured the services of their four foreign players ...

 May 27 2016 - UAE plays vital role in development projects in JordanMENAFN
(MENAFN) Abu Dhabi Fund for Development (ADFD) and Jordan worked together towards achieving their sustainable development goals, supporting projects in fundamental sectors.Moreover, ADFD has funded ...

 May 27 2016 - Cairo USD 3.6bn residential project attracts foreign investmentMENAFN
(MENAFN) The Ministry of housing introduced Egypt's biggest upcoming project, USD 3.6bn Mountain View iCity, which will be launched in New Cairo.Furthermore, the project's main layout will encompass ...

 May 27 2016 - Qatar, Luxembourg trade relations growMENAFN
(MENAFN) Qatar and Luxembourg have viewed growth due to the exchange of official visits between the two sides and the signing of mutual deal on many areas.Moreover, Qatar sees innovation as a main ...

 May 26 2016 - Saudi- Living cost index in the Kingdom rises 0.2% in AprilSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Sha'ban 19, 1437, May 26, 2016, SPA -- The index of the cost of living in the Kingdom rose by 0.2% during the month of April 2016 compared to the previous month ...

 May 26 2016 - Governor of Riyadh Region receives Cyprus' AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Sha'ban 19, 1437, May 26, 2016, SPA -- Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh region, received here today the Ambassador of Cyprus to the ...

 May 26 2016 - Israeli warplanes launch raids on Gaza StripSaudi Press Agency
(MENAFN - Saudi Press Agency) Ramallah, 19 Sha'ban, 1437, May 26, 2016, SPA -- Israeli warplanes launched today a series of air raids on sites and targets in the Gaza Strip. Local security sources ...

 May 26 2016 - Saudi- Three dead, many injured in Mumbai chemical factory blastSaudi Press Agency
(MENAFN - Saudi Press Agency) New Delhi, Sha'ban 19, 1437, May 26, 2016, SPA -- At least three people have died and several have been injured in a huge blast at a chemical factory on the outskirts ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help