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Sun 27 Mar 2011 07:26 PM

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UAE calls on retailers to reduce prices on essential items

Economy minister holds talks with leading retailers, urges them to show 'social responsibility'

UAE calls on retailers to reduce prices on essential items
The UAEs economy minister has urged leading retailers to show "social responsibility" by reducing prices of essential goods. (Getty Images)

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.

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