Dubai: UAE’s co-operatives are emerging as the go-to places for lower retail prices on food essentials, with discounts of up to 50 per cent across nearly 6,000 products available in the coming weeks. Keeping food prices stable and affordable has become a top priority for retailers - and the authorities – after global inflation-linked increases during the past 12 months.

The Ministry of Economy is monitoring all such offers announced for the Ramadan phase – and also making sure that adequate supplies are there right through this period. Apart from co-operatives, leading hypermarket operators and online marketplaces are also pushing heavily with discount promotions, especially on daily consumables.

“Despite the challenges faced by the global supply chains due to today’s political and economic developments, the Ministry of Economy made sure that no unjustified price hikes were implemented by suppliers,” said Abdullah Sultan Al Fan Al Shamsi, Assistant Under-Secretary for the Monitoring and Follow Up Sector at the Ministry of Economy. “The methods for combating monopoly practices and supporting sound trade practices have also been strengthened.”

Raising frequency of retail sector checks

In the run up to the current wave of promotions, UAE authorities held meetings with all leading commodity suppliers. These were aimed at ‘ensuring there are sufficient stocks of these commodities to meet the needs of consumers’. during Ramadan.

According to retail industry sources, traders and hypermarket operators have taken to retaining higher stocks on all key essential food supplies during this period. “At no point can there be any shortage – and we have upgraded our stocking practices so that there will be no wastage,” said a retailer.

Plenty available

According to the Ministry of Economy, the stock availability of fruits and vegetables in the UAE markets is 143,000 tons. The daily consumption in the Dubai market alone is estimated at 19,000 tons and that in Abu Dhabi around 6,000 tons.

No place for violators

Through the first few months of 2023, the Ministry of Economy went through 8,170 inspections, which detected 1,030 violations. “The relevant departments made sure that price tags are being displayed and quality products are offered to consumers, thus preventing instances of fraud and trademark infringements,” the statement added.

More to follow...