By Andy Sambidge
Economy minister holds talks with leading retailers, urges them to show 'social responsibility'
The UAE's economy minister has urged leading retailers to show "social responsibility" by reducing prices of essential goods, it was announced on Sunday.
Sultan bin Saeed al-Mansouri called on retailers at a meeting to monitor international prices of goods in a bid for parity in the UAE.
The minister said shop owners needed to implement "practical initiatives to reduce prices and support market stability", the ministry said in a statement.
He praised previous initiatives launched by retail outlets in the UAE in coordination with the
ministry, saying they had "generated a positive impact on the performance of consumer markets".
Al-Mansouri said retailers needed to be ready for any variables that might threaten to affect prices and market stability.
The UAE, which has escaped public unrest unlike nearby Bahrain, Oman and Yemen, had agreed in March with retailers to cut prices of basic commodities by up to 40 percent for that month only.
Other measures unveiled recently include the introduction of state subsidies for rice and bread to combat rising prices, despite the UAE's per capita income of over $47,000 being among the world's highest.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.