The MoU is part of MEC's Ramdan initiative and aims at preventing any unjustifiable hike in such items, including edible and non-edible goods.
The major retailers who signed the MoU included Al Meera Consumer Goods Company (41 branches), Carrefour Hypermarket (six), LuLu Hypermarket (six), Food World (four), Family Food Centre (three) Qatar Consumption Complex (five), Saudia Hypermarket (six), Safari Shopping Complex (three), Al Rawabi (one), Grand Hypermarket (one), Mega Mart (four), Spinneys Supermarket (three), Food Palace (two) Grand Mart (10) and Al Safeer Centre (one).
The signatories of the MoU agreed to co-operate among themselves to maintain the stability of the local market in basic consumer goods (edible and non-edible) by unifying the prices. They also agreed not to increase prices without referring to the MEC committee that sets the maximum rate and profit margin for approval. Any potential increase in prices should be in accordance with the terms and regulations set forth by the ministerial decision number eight for 2013 regarding the procedures for increasing prices of goods and services as per article number 2.
The MoU included forming a joint team from the MEC and the retailers concerned to guarantee the effective implementation of its clauses and achieve the targeted price stability. The MEC's Quantitative Licenses and Market Control Section would represent MEC in this team, and the retailers would nominate their representatives. The team would meet periodically for co-operation and follow up. It's main tasks include: development of co-operation among the parties of the MoU to achieve long term strategic partnership to arrive at the targeted vision, take the necessary measures to enhance the stability of retail sector for edible and non-edible items according to the applicable laws and regulations in the country, contact all the entities concerned in the country, whether governmental or private, to implement the targets of this MoU, and submit quarter annual reports to HE the Minister of Economy and Commerce indicating the achieved results.
Some of the retailers who signed the MoU praised the MEC initiative affirming that it would ultimately work for the good of consumers. Dr Mohamed Nasser al-Qahtani, deputy CEO of Al Meera, said this would contribute towards giving consumers better service at stable prices. He pointed out that co-operation with MEC would benefit all parties.
Sheikh Khalid bin Thamir al-Thani, director of public relations at Carrefour, said that the MoU is a good means of maintaining the stability of retail prices in the local market.
Mohamed Abdalla al-Atiyah, owner of Saudi Hypermarket, stressed that the MoU is a positive initiative that would benefit the market.
Ali Hassan al-Khalaf, chairman of Qatar Consumption Complex, said that the MoU would enhance effective communication among all the parties concerned within the retail sector to attain better price stability.
The MEC also asserted it would continue efforts to exercise tighter control over the local market and face any consumer violations strictly according to the applicable legislations and regulations.
