Sheep prices rise 30% ahead
of Eid
Traders expect sheep prices to rise by 40% as Eid Al Adha approaches. (EB FILE)
Sheep are the preferred sacrifice in the Eid Al Adha celebrations and traders in the market expect prices to rise further as Eid closes in. They expect prices to rise up to 40 per cent, which, they say, would still be lower than last year's, when prices rose more than 50 per cent due to a shortage of supply and increased demand.
Prices of Australian sheep have already risen from Dh550 to Dh700 and Najdi and Yemeni sheep from Dh1,100 to Dh1,300. Small Somali sheep have gone from Dh280 to Dh350 and Al Jaziri sheep from Dh650 to Dh850. Last year Somali sheep reached Dh1,300 before Eid Al Adha, while Al Jaziri sheep were sold for Dh1,500 on the first day of Eid. The traders called on the Ministry of Economy (MoE) to reduce charges imposed on the purchase of sheep from importers in Ras Al Khaimah. The traders said they raise prices before Eid as there is a big demand for the sacrifices coupled with several expenses related to the shipment and storage of increased numbers of sheep.
The MoE's Consumer Protection Department, meanwhile, asked the traders to reduce prices by 20 per cent to help consumers. During an inspection visit to the market, Dr Hashim Al Nuaimi, Department's Director, said: "Traders should reduce prices of sacrificial sheep in Abu Dhabi by 20 to 30 per cent so that they are equal to the prices in the Ras Al Khaimah market, which provides 80 per cent of the total sacrificial sheep available in the country."
He said selling sheep outside the market was prohibited and the MoE would not allow the increase in prices of livestock during the sacrifice season. It seeks to achieve a balance in the markets and find a level that achieves profits for traders even while allowing freedom of choice for consumers.
In a joint inspection visit yesterday, implemented in co-operation with the Department of Economic Development and the Municipal Affairs Department, Al Nuaimi said the local market has ample opportunity for making high profits even if it sells at suitable prices.
The volume of consumption during Eid Al Adha in Abu Dhabi reaches 100,000 sheep and cattle, including 15,000 in Abu Dhabi City.
Al Nuaimi said the MoE will conduct daily campaigns at different markets in the country this week and agreements have been done with local departments. In the same period, the MoE will carry out inspection campaigns at vegetable and fruit markets throughout the country. Monitors will be sent to the markets during Eid Al Adha to prevent monopolistic trade, exploitation and non-display of prices.
Abdullah Saleh Shujaa, a sheep trader who has contracted to buy 6,000 sheep, said more stock would arrive in the market over the next few days. Other traders said they raise prices to compensate for the charges paid to the municipality and other bodies. There are many expenses related to the shipment of sheep from Ras Al Khaimah to Abu Dhabi as well as storage in the municipality's corrals whose rents have risen, too. They said the demand for sheep usually falls after the end of Eid, exposing the market to losses.
www.business24-7.ae/sheep-prices-rise-30-ahead-of-eid-2010-03-22-1.21035
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