DUBAI // Ministry of Economy officals have asked retail giants to cut the prices of staple foods and some goods, and at least one - LuLu Hypermarket - has promised to do so by the end of the year.
The director of the consumer protection department, Dr Hashim al Nuaimi, held a meeting on Thursday with representatives from a dozen leading retailers including Carrefour, LuLu and Al Manama Hypermarkets and Supermarkets, asking them to slash prices.
The head of the LuLu chain yesterday said retailers agreed to co-operate with the Government and shoppers could expect to see "sizeable reductions" in the price of key foodstuffs by the end of the year.
Saifee Rupawala, chief executive of Emke Group, which owns the LuLu Hypermarket chain, said: "As a result of the meeting we had with Dr Nuaimi we are in negotiations with our local and international suppliers and manufacturers to find out ways and means of bringing down prices.
"If everything goes to plan and the world economic situation stabilises a little more, by the end of next month consumers will be able to see some concrete changes."
The ministry's move comes after consumer prices began to increase at the beginning of the summer against a backdrop of rising inflation.
Runaway prices appeared to stabilise in September, according to a survey carried out by The National last month.
Dr Nuaimi asked retailers to explain how wholesale costs of foodstuffs and raw materials could have fallen in recent weeks without reductions being passed on to shoppers, according to a report by the official news agency WAM.
Retail chiefs argued the cost for goods on store shelves remained high despite declining global prices because products had been bought several months earlier at high prices. As new stock came in, the cost to consumers would be reduced, they said.
Yesterday, the Ministry of Economy said: "The meeting discussed the impact of decline in prices of exported products, and explored reasons on why the reduction is not reflected in prices locally.
"The outlet representatives predicted that prices of a number of food items will drop in the coming months due to decline in production costs in local and regional markets and the appreciation of the dollar."
A source close to the meeting, who spoke on condition of anonymity, said part of the reason cost reductions had not already been felt by consumers was that wholesalers and importers had failed to pass on falling prices.
"On their own, retailers do not control prices," he said. "It is more like they simply pass on the high and low costs and prices from wholesalers."
Shoppers on the streets of Abu Dhabi were delighted to hear news that food prices could be cut as early as December. Anj Toor, 35, from England, who has been in Abu Dhabi for three weeks, said she found prices equivalent to those in the UK. "I don't find the difference in my pocket at all," she said. "From what I understood from talking to my friends, the UAE is supposed to be cheaper, but I'm not finding that at all."
Naved Salam, 39, from India, who works as a sales manager in the oil and gas sector, said: "I haven't really noticed any prices going down.
"I think they have gone up considerably in the past, but prices going up is mostly the result of high rent prices - the stores will have to factor in the prices of the products, so I think that unless rents are controlled, I just see this as a temporary fix."
Damon Lalich, 35, from Australia, who works as education adviser in Abu Dhabi, said: "I think it's been steady over the last year, but my friends tell me [prices are] constantly going up."
Earlier this year several major retailers, including Carrefour and LuLu, signed agreements with the Government pledging to cap prices until the end of this year at 2007 levels.
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Results
2.15pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Arrab, Antonio Fresu (jockey), Ernst Oertel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Mahaleel, Antonio Fresu, Ernst Oertel.
3.15pm: Sheikh Ahmed bin Rashid Al Maktoum handicap (TB) Dh200,000 2,000m; Winner: Dolmen, Richard Mullen, Satish Seemar.
3.45pm: Handicap (PA) Dh40,000 1,200m; Winner: Amang Alawda, Sandro Paiva, Bakhit Al Ketbi.
4.15pm: The Crown Prince of Sharjah Cup Prestige (PA) Dh200,000 1,200m; Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel.
4.45pm: Handicap (PA) Dh40,000 2,000m; Winner: Al Jazi, Jesus Rosales, Eric Lemartinel.
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Killing of Qassem Suleimani
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Zayed Sustainability Prize
COMPANY%20PROFILE
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