Prices on some 5,000 food items will be slashed this Ramadan in the United Arab Emirates, following a directive from the Ministry of Economy.
Prices will be cut by up to 70 percent. The price cuts and subsidies will be worth a total of some 250 million dirhams ($68 million), Hashem Al Nuaimi, director of the ministry’s consumer protection department told The National .
Nuaimi said that the ministry had met with 55 suppliers and 540 supermarkets and other outlets to ensure imports would remain high to keep prices low.
In addition to the reduced prices of the 5,000 food items, agreements have been made to fix prices on some 4,000 other goods.
Inspectors will ensure that the prices remain low with 400 inspections planned during Ramadan.
Consumers can also make complaints through the ministry's smartphone applications if they notice prices increasing in a suspicious way.
However, while the average UAE resident will be happy with the news, some small shop owners pointed out their concerns.
"With the cost of rent, some Ramadans I may not make any profit," one small shop manager told The National. He also added that the reduced prices are much easier for large supermarkets to handle.