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The Ministry of Economy, in coordination with the Sharjah Department of Economic Development and Sharjah Municipality, discussed with representatives of sales outlets, bakeries and restaurants in the Emirate the ways to prevent market instability, manipulation of prices and monopoly practices before and during the Holy Month of Ramadan.
Dr. Hashim Al Nuaimi, Director of the Consumer Protection Department at the MoE who chaired the meeting, urged sales outlets to initiate promotional offers during the Holy Month offering 20% and above discounts. Al Nuaimi agreed with the sales outlets to raise awareness amongst consumers and guide them to goods covered by promotions. He noted that sales outlets who committed to the Ramadan basket registered 25% increase in their turnover.
Al Nuaimi said that 20 hotlines will be available for complaints all over the UAE regarding price manipulation and monopoly cases. He explained that the MoE will make field visits to check prices and ensure market stability and continuous flow of goods for consumers.
Al Nuaimi instructed sales outlets to put price tags on products according to federal law 24/2008, thus ensuring protection of consumers from any price manipulation during the Ramadan. On their side, the retailer representatives expressed readiness to cooperate with the Ministry. They thanked the ministry’s efforts in planning and executing early preparations before Ramadan.
The Ministry officials also met bakeries and restaurants’ owners in Sharjah and urged them to comply with its demand to decrease prices and provide the ministry with price lists. The MoE will conduct field visits to double check prices against provided lists from the owners. The officials also encouraged bakeries and restaurants’ owners to launch promotional packages and commit to the bread packets’ weight and prevent manipulation, saying that the MoE will take necessary action against manipulators.
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