UAE | General
Public should not stockpile goods, says senior UAE official
Customers must not stockpile goods or accept alternative goods for those short in the market because of 'suppliers' tactics', a senior official said on Monday.
- By Samir Salama, Associate Editor
- Published: 21:22 March 17, 2008
Abu Dhabi: Customers must not stockpile goods or accept alternative goods for those short in the market because of 'suppliers' tactics', a senior official said on Monday.
Abu Dhabi Co-op Society has started selling 130 goods including basic foods at less than cost price and plans to increase the number of these goods to 200, said Faisal Al Arshi, deputy general manager of the retail chain.
"The move is part of our battle against rising prices and greedy suppliers. Our plan is to offer 200 goods including all basic foods, canned foods, paper products, diapers and other items at the purchasing price to satisfy the needs of the people and stabilise prices," Al Arshi told Gulf News.
Al Arshi, presently on a tour of a number of Middle Eastern and European countries to procure goods, said some suppliers, are manipulating the market to increase prices and sometimes they refuse to supply goods at affordable prices. He did not name these suppliers. He said the retail chain will bear all costs involved to offer quality products at less than cost price.
Al Arshi said he is prepared to offer these goods to other co-op retail chains. "At times, we will even sell products at less than the purchasing price."
The Ministry of Economy has allied with the Union Co-operative Society in its battle against rising food prices and to slash the inflation rate, believed to be in double-digit figures, to five per cent this year. The retail chain has agreed to freeze prices of 16 food items at their 2007 levels this year. The items include cooking oil, rice, flour, eggs, sugar, powdered milk and bread.
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