UAE Prime Minister

Ministry of Economy urges economic departments to monitor market performance during Ramadan

The Consumer Protection Department at the Ministry of Economy on Tuesday met representatives of various economic departments in the UAE to implement an integrated plan to ensure market price stability during the Holy Month of Ramadan.

Director of Consumer Protection Department Dr Hashim Al Nuaimi, who chaired the meeting, urged the departments to exert efforts to provide acceptable prices of commodities and closely watch the market performance during the Holy Month.

Al-Nuaimi called on the departments to abstain from any attempts to price manipulation and to encourage retail outlets to offer more basic commodities at low prices. He said that the Ministry of Economy was committed to ensuring that essential commodities are not hoarded or prices manipulated.

He also called them to create awareness on best consumer practices during Ramadan. He also recommended that retail outlets interested in offering new promotions must send an official request to the concerned Economic Department to be exempted from promotion fees.

There will be 2 types of Ramadan basket this year, one for fruits and vegetables and the other for basic food items with a cost ranging between 200 and 250 AED. The packages are seen as sufficient for a family of five members for one week.

Al-Nuaimi said the economic departments may hire ful-time teams to monitor the market performance to ensure price stability during the holy month. Retail outlets representatives welcomed the Ministry's suggestions and praised its early efforts to create price stability.