The United Arab Emirates Ministry of Economy has unveiled a national digital platform designed to monitor the prices of essential commodities across the nation. This initiative aims to provide real-time tracking of key consumer goods, including cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat, from various retailers. The platform enables officials to compare current prices against established ceilings, ensuring compliance and preventing unjustified price hikes.
Minister of Economy Abdullah bin Touq Al Marri emphasized that this development underscores the UAE’s commitment to consumer protection, market stability, and fostering a competitive economy. He noted that the platform aligns with the ‘We the UAE 2031’ vision, aiming to enhance economic resilience and sustainability.
The platform covers cooperatives, hypermarkets, and large stores, representing over 90% of the domestic trade in basic consumer goods across the UAE. Equipped with advanced data collection and analysis tools, it alerts the Ministry’s control team and other relevant entities about any breaches of the price ceiling. This proactive approach is designed to detect monopolistic practices or price manipulation, featuring a map function to identify non-compliant outlets instantly.
In addition to monitoring, the platform serves as a regulatory tool, requiring retailers to obtain prior approval from the Ministry before implementing any price increases on the listed essential commodities. This measure ensures that any adjustments are justified and transparent, maintaining consumer trust and market fairness.
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