Ministry of Economy: The UAE has a strategic stock of basic commodities that covers the market’s needs for 6 months

Abu Dhabi, 10 March / WAM / The Ministry of Economy and Tourism confirmed the intensification of its oversight efforts on sales outlets in the country’s markets, with the aim of ensuring the stability of the prices of goods and products and their availability in sufficient quantities to meet the needs of consumers, especially with the rise in demand for basic consumer goods during the current period.

The Ministry explained that oversight and field visits continue on a daily basis through the specialized inspection teams, within the framework of close coordination and cooperation with the economic development departments in the emirates of the country, within a joint national oversight team that aims to unify efforts to prevent raising the prices of goods and products and unsound commercial practices, and to enhance continuous monitoring of markets at the level of the emirates of the country.

The Ministry indicated that there is high-level coordination between the concerned authorities in all the emirates of the country to monitor the markets continuously, and to ensure that sales outlets and merchants are committed to implementing consumer protection legislation and policies, especially the pricing policy for basic consumer goods, which includes 9 main commodities, namely cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat, the prices of which cannot be raised except with prior approval from the Ministry and the national committee formed for this purpose.

Regarding the increase witnessed in some food commodities, such as onions and tomatoes, during the past two days, the Ministry explained that this increase is temporary and limited and came as a natural result of the effects associated with the regional crisis, stressing that new additional quantities of the commodities that witnessed an increase have already been provided in abundant quantities to ensure the stability of supply in the markets.

The Ministry explained that the quantities of basic commodities available in the markets are sufficient and multiple alternatives are available for them, indicating that there is no need to worry about the availability of commodities or their prices, and that the markets will witness a rapid return of prices to their normal levels with the increase in supply.

In this context, the Ministry indicated that the UAE has a strategic stock of basic commodities that covers the needs of the markets for a period of 6 months, which ensures the availability of basic commodities and price stability even in emergency circumstances. The distribution of the strategic stock to various regions of the country is carried out according to a well-studied system that enhances the efficiency of supply chains and ensures the speed of meeting the needs of the markets.

The Ministry stressed that the shipping and supply movement is proceeding normally and regularly through various ports, and that supply chains are operating efficiently, which contributes to the continued availability of goods in local markets without any interruption.

The Ministry explained that the UAE today has a wide network of partner markets that provide it with imports of various goods and products that it needs, with the ability to find alternative markets with high efficiency and speed in cases of crises and emergencies.

Since the beginning of the regional crisis until now, the Ministry of Economy and Tourism, in cooperation with the economic development departments in various state markets, has carried out about 7,105 inspection tours, which resulted in monitoring 567 violations, the most prominent of which was raising prices without justification. As a result, 449 warnings were issued to merchants, suppliers and sales outlets, and financial fines were imposed with a total value of 207,250 dirhams, in a way that enhances market control and ensures the commitment of merchants and sales outlets to consumer protection policies. And apply it as required.

The Ministry confirmed the continued intensification of regulatory campaigns during the coming period in cooperation with the economic development departments and competent authorities in the country, in order to ensure market stability and provide a safe and stable consumer environment for consumers in the UAE.

The Ministry noted that the consumer is an active partner in controlling the prices of goods and products, by interacting with the regulatory authorities and communicating with the Ministry through its official channels to submit complaints and report any increase in prices or notice of any violations. It is possible to communicate through the electronic services on the Ministry of Economy and Tourism’s website www.moet.gov.ae, or by calling or WhatsApping the number 8001222, or by e-mail info@moet.gov.ae.

The Ministry called on consumers in the various emirates of the country to follow sound consumer practices, buy according to need and avoid hoarding or excessive shopping, in order to ensure price stability and the availability of goods for everyone.

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