The Economic and Financial Committee at the Shura Council met this morning (Monday) with His Excellency Sulayem Al Hakmani, Chairman of the Consumer Protection Authority, and His Excellency Eng. Ghalib Al Ma'amari, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion, to discuss the importance of stabilising supply chains and the local market.
The meeting opened with a visual presentation delivered by the Ministry of Commerce, Industry and Investment Promotion before the Committee Members, reviewing the state of supply chains and their implications for the local market. The presentation also covered the measures taken to enhance market readiness and ensure continuity of supply, including the daily monitoring of stock levels, prices, and export and shipment movements, the adoption of flexible decisions to regulate exports or facilitate imports, as well as coordination among ports, customs, suppliers and regulatory bodies, and the strengthening of market oversight to prevent monopolistic and exploitative practices.
For his part, the Chairman of the Consumer Protection Authority delivered a separate presentation addressing the key economic variables affecting the local market and their impact on consumers, reviewing the effect of changes in energy prices and shipping and transport costs on the prices of goods and services, and the resulting challenges to purchasing power. The presentation also touched on the Authority's efforts in monitoring markets and prices, strengthening oversight, and regulating price-increase requests, thereby contributing to market stability and consumer protection.
For their part, Committee Members raised a number of enquiries concerning the goods database, stock volumes, and supply levels, as well as congestion at certain border areas, the rise in shipping costs resulting from pressure on transport trucks, increased insurance costs, and the impact of these factors on the final cost of goods and on inflation rates borne by the end consumer.
The meeting was chaired by His Excellency Ahmed Al Sharqi, Chairman of the Economic and Financial Committee at the Shura Council, and attended by the honourable Committee Members, as part of the first meeting held between the Third and Fourth Sessions of the Tenth Term (2023–2027).