By Andy Sambidge
Minister of Economy says electronic system will counter any attempts to fix prices
The UAE's Ministry of Economy said on Tuesday it has launched a new electronic system to monitor the prices of 200 consumer products on a daily basis.
Sultan Bin Saeed Al Mansoori, Minister of Economy, said the new system connected ports and customs in the country with the ministry and major retailers, enabling officials to "counter any attempts at potential monopoly".
The system has the capacity to monitor the prices of 200 commodities on a daily basis, he said in a statement.
Al Mansoori said the electronic system would help to stabilise consumer prices in the UAE.
He said that the Ministry of Economy had developed an integrated plan to implement the system smoothly and effectively.
Al Mansoori said the system was linked with the Food and Agriculture Organization of the United Nations to identify global commodity prices and root out any unjustified rises in the UAE.
Most goods that are monitored by the system include common foodstuffs such as rice, wheat, poultry, sugar, milk, tea, meat, eggs, oils and fish.
Al Mansoori added that the outlets monitored by the new system include cooperative societies in the UAE and its branches, Lulu Hypermarket, Carrefour, and Spinneys.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.
interesting development, well done.
Will the results be freely available to consumers?
If so how?
Since you're talking about the UAE.. why did u post a picture from Saudi??? It's more than clear that pricing in the above right corner of the pic is in SR i.e. Saudi Riyals !!