The UAE's Ministry of Economy is hoping to bring about a 30 per cent price slash on Ramadan-related commodities once the Holy month begins in July.
The Consumer Protection Department at the Ministry of Economy will meet with the representatives of major sales outlets in the country to discuss how prepared the local markets are for the Holy Month of Ramadan.
This week, director of the Ministry Consumer Protection Department Dr Hashim Al Nuaimi said he hoped, through such meetings, to understand how stable the local markets and commodities prices will be and how available products would be during the upcoming Holy month, which begins on July 7.
Al Nuaimi said he expected prices of Ramadan-related commodities to remain stable, saying the MoE was working to launch more initiatives aimed at slashing commodities prices by more than 30 per cent during the Muslims’ holy month.
“The Ministry right now is planning to offer various purchasing options for the good of consumers including the Ramadan goods basket; special offers; the ‘fixed price’ initiative; and selling at cost price initiative,” he said.
“The consumer protection department shall embark on its meeting with representatives of outlets in Sharjah on Tuesday, then in Fujairah on Wednesday, to be followed by consecutive meetings with representatives of retail stores at other areas in the country.”
Al Nuaimi said the field tours the Ministry will pay to major sales outlets and cooperative societies across the country were aimed at establishing how ready those shopping centres would be during Ramadan. The Ministry needed to be briefed on the price of Ramadan rations and the most vital products and goods that Ramadan baskets will contain, he said.
Al Nuaimi predicted local markets would see a stability in the prices of Ramadan baskets at a similar range as last year, between Dh100 ($27) to Dh200 ($54) per basket.
“Being a free market, the Emirati local market contributed to rendering successful the MoE’s initiatives regarding fixing goods’ prices,” Al Nuaimi said, noting major sales outlets in the country who directly imported products had made so many alternative commodities available. This, he said, had created big competition among retail outlets as well as greater availability of goods.
The Ministry encouraged traders and dealers to directly import their commodities so as to keep the prices stable and provide different products in the country’s markets at affordable prices.
Al Nuaimi said the Ministry strived to surmount the obstacles and challenges which might affect the benefits of consumers and market’s stability.
It also worked on prompting the key sales outlets across the country to boost their social responsibility, by launching practical initiatives which would help avoid monopolies.
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