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FINANCIAL NEWS
UAE to control prices electronically
29 Feb 2012
(MENAFN) UAE recently launched a new monitoring scheme for prices to ensure the stabilization of consumer prices in the country, Arabian Business reported.
Sultan Bin Saeed Al Mansoori, Minister of Economy, said the new electronic system links ports and customs in the country with the ministry and major retailers, enabling officials to monitor any attempts at potential monopoly.
He added that the system has the capacity to monitor the prices of 200 commodities on a daily basis.
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 said the system was linked with the Food and Agriculture Organization of the United Nations to identify global commodity prices and prevent any unjustified rises in the UAE.
Outlets monitored by the new system include cooperative societies in the UAE and its branches, Lulu Hypermarket, Carrefour, and Spinneys, Al Mansoori added.
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