UAE starts probing its markets
The Ministry of Economy has been visiting various hypermarkets across the country to ensure that companies are not hiking prices during Ramadan.
Dr Hashim Al Nuaimi, director of customer protection department at the Ministry of Economy, on Monday visited Emirates Cooperative Society in Al Twar 3, and was satisfied by how the cooperative society applied the ministry’s instructions.
“For the month of Ramadan, all food establishments have been instructed not to hike their prices and I am pleased that Emirates Cooperative has managed to put 400 items on offer at lower prices than usually found,” said Dr Al Nuaimi.
The next inspection is expected to be carried out today at the Fruit and Vegetable Market in Sharjah.
The Ramadan promotion at the cooperative includes 400 items that are offered at a discounted price of up to 50 per cent.
A bottle of Vimto that used to cost Dh8 is now priced at Dh5.50, a twin pack Safa semolina tin of 500 grams dropped from Dh7 to Dh3.50, and a 20-kilogram bag of Empire Rice Indian Basmati fell from Dh229 to Dh211.
Dr Al Nuaimi pointed out that the cost of Vimto was low when compared to other outlets, and that this price scheme will also encourage small grocery shops to purchase from the cooperative society.
“Our stock has been reduced so far by 40 per cent, and this shows that our customers are very satisfied with our promotions. We are following the ministry’s advice to control our food prices and to participate in promotions,” said Fareed Al Shamandi, general manager of Emirates Cooperative.
- A will with no way: Egypt's charitable spirit dampened with economic hardship
- OPEC exports largest share of petroleum to Asian and Pacific countries in 2013
- High demand for gold spurs trade across GCC
- Is trust the only missing ingredient from Egypt's economic reform recipe?
- Explain this, Mr. Erdogan: Israel-Turkey trade ties booming amidst Gaza crisis