São Paulo — The United Arab Emirates’ Ministry of Economy and Tourism said it has stockpiles of essential goods for up to six months and is monitoring the country’s markets to prevent possible price increases. The government is tracking prices at retail outlets across the country to ensure product availability and price stability, state news agency WAM reported.
A list of nine products is protected by an essential goods price policy. These prices cannot be adjusted without approval from the ministry and a national committee. The list includes cooking oil, eggs, dairy products, rice, sugar, chicken, legumes, bread, and wheat.
The statement highlights that the rise in prices of some foods, such as tomatoes and onions, is temporary and stems from the current situation in the Middle East. The UAE, Kuwait, Bahrain, Qatar, and Iraq are among the countries most affected by Iran’s retaliatory measures after it was attacked by Israel and the United States on February 28.
In addition to attacks on their territories, Arab Gulf countries—as well as Iraq—are being affected by instability in the Strait of Hormuz, through which cargo ships pass and which is being kept closed by Iran. The region imports a large share of the food it consumes. The UAE Ministry of Economy and Tourism said the transport and supply of essential goods continue normally through the country’s entry points.
In recent days, the UAE has carried out inspections at retail outlets, resulting in fines and warnings mainly for “unjustified price increases.” The ministry said the consumer is considered “an active partner” in monitoring such increases and can use official government channels to file complaints.
Other countries in the conflict region have also announced measures to ensure supply. In a meeting with his cabinet last week, Iraq’s prime minister, Mohammed Shia Al Sudani, ordered ministries to guarantee the supply of essential food-security goods in the country and to combat any attempts to exploit the “current circumstances” to manipulate prices.
Kuwait’s Ministry of Commerce and Industry, the state news agency KUNA reported, is taking “a series of measures” to ensure market stability and the strategic security of food stocks. The Qatari state news agency QNA reported that the Qatar Chamber of Commerce is working to ensure the flow of supply chains and the availability of goods in the local market.
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Translated by Guilherme Miranda
