Emirates Co-op Slashes Prices

According to online news source AME Info, UAE mass grocery retailer (MGR) Emirates Co-op is set to slash prices on a number of food commodities by up to 30% in a promotional offering until the end of February. The news confirms that previously resilient UAE consumers are feeling the pinch as the global financial crisis shifts into the real economy. BMI has been keeping a close eye on the UAE economy, and we foresee a 0.1% GDP contraction in 2009. While we still maintain that the country's retail consumers will weather the economic storm better than their Western counterparts, we

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