The Ministry of Economy (MoE) has announced that it will be placing stickers with the slogan "2008 fixed price" on all commodities covered by special agreements made with various cooperatives as well as with Carrefour and Lulu Hypermarket, which stabilize the prices of selected commodities to 2007 rates.
MoE Undersecretary H.E. Mohammed Ahmed bin Abdulaziz Alshihhi said that this latest initiative was influenced by the directives of H.E. Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, which aims to ensure consumer access to hundreds of basic commodities and distinguishes these products from other items sold at the previously mentioned consumer outlets. H.E. Alshihhi added that goods and commodities marked with fixed-price stickers will help consumers to easily identify products covered by the special agreements.
The Minister further explained that the stickers reflect the MoE’s commitment to enforcing the terms of the agreements it signed with the cooperative societies and the two major retail companies and its broader responsibility of protecting consumers from the negative effects of global hikes in the prices of basic food products. He added that the outlets that have signed price stabilization agreements with the Ministry own around 70 per cent of the local retail market.
H.E. Alshihhi highlighted MoE plans to expand the number of retail companies joining its price stabilization program; pointing out that several associations responded positively to the Ministry’s previous call to reduce the prices of all basic food commodities and sell selected products to the public at cost prices. This, he said, would counter price hikes and thus maintain market stability.
The Minister praised the cooperative societies and major retailers Carrefour and Lulu Hypermarket for their admirable support of government initiatives to maintain market balance and urged them to explore and implement other initiatives which could further expand the product coverage of their special agreements. This would form part of their social responsibility activities and contribute to national efforts to lessen the impact of global increases in the prices of basic food commodities.
H.E. Alshihhi also called on traders, institutions, and cooperative societies to take advantage of legal amendments covering the write-off of 15 foodstuff agencies included in the commercial register, and the importation of selected food materials to the country's markets without any conditions. He pointed out that the Ministry encourages cooperative societies to import basic foodstuffs collectively through Cooperative Unions so that competitive prices can be implemented, which ultimately serves the interests of consumers, associations, and the local market.
The MoE urges consumers with negative observations or complaints regarding fixed-priced goods and commodities to contact its Department of Consumer Protection through the 600522225 hotline.
The UAE Ministry of Economy has signed memorandums of understanding with cooperative societies and Lulu Hypermarket and Carrefour requesting the major retailers to retain the 2007 prices of selected foods and commodities. The Ministry has also signed a memorandum of cooperation with cement producers which reduces cement prices and increases domestic production of their product, with the aim of stabilizing the domestic cement market and eliminating monopolies and all forms of exploitation which undermine the free economy concept supported by the UAE.
