Ramadan discounts up to 50%: UAE authorities ensure food prices are under control

DUBAI: Co-ops in the UAE are becoming the go-to places to cut retail prices on food essentials, with nearly 6,000 products offering discounts of up to 50% in the coming weeks. Keeping food prices stable and affordable has become a top priority for retailers and authorities following a global inflation-related rise over the past 12 months.

The Ministry of Economy is monitoring all such offers announced for the Ramadan phase and ensuring sufficient supply during this period. Apart from cooperatives, leading hypermarket operators and online marketplaces are also heavily promoting discount promotions, especially on everyday consumer goods.

“Despite the challenges faced by global supply chains due to today’s political and economic developments, the Ministry of Economy ensures that suppliers do not impose unreasonable price hikes,” said Assistant Undersecretary for Oversight Abdullah Sultan Alfan Alshamsi . The Ministry of Economic Affairs followed up. “The approach to combating monopolistic practices and supporting good trade practices has also been strengthened.”

Ahead of the current wave of promotions, UAE authorities held meetings with all major commodity suppliers. These are intended to “ensure there is sufficient stock of these items to meet consumer demand”. During Ramadan.

Traders and hypermarket operators have taken steps to preserve higher stocks of all major essential food supplies during the period, retail sources said. “There will never be a shortage at any time – we’ve upgraded our stocking practices so that nothing goes to waste,” one retailer said.

According to the Ministry of Economy, the stock of fruit and vegetables on the UAE market stands at 143,000 tons. The daily consumption in the Dubai market alone is estimated at 19,000 tons and in the Abu Dhabi market around 6,000 tons per day.

In the first months of 2023, the Ministry of Economy conducted 8,170 inspections and found 1,030 violations. “Authorities ensure that price tags are displayed to consumers and that quality products are provided to consumers, thereby preventing fraud and trademark infringement incidents,” the statement added.

According to an Economy Ministry official, the UAE has adopted some of the “most effective” policies to ensure the availability of strategic stocks of all essential commodities. And the same is true for “longer periods of time”.

“Availability of choice enables consumers to choose products that suit their needs and budget, and enables them to switch from one particular brand to another when the price of one brand increases or quality decreases,” Al Shamsi said. “This is important because consumers’ purchasing decisions are a key factor in price volatility, market direction and supply and demand dynamics.”

Apart from accessing all the facts about the product or service they purchased, UAE rules clearly state that consumers’ data cannot be used for promotional and marketing purposes. They also have the right to “fair and prompt resolution of disputes and to fair compensation for damages incurred as a result of the purchase or use of defective goods”.