7 Billion Sales Recorded by Consumer Cooperatives in the Country for the Year 2018
Prepared by: Benoi Nair
Photographer: Sultan Almarzooqi
Total Capital for Cooperative Societies in the Country amounted to about AED 2 Billion and 219 Million
The Consumer Cooperative Union revealed that the sales of Consumer Cooperatives in the UAE amounted to AED 6 Billion and 843 Million until the end of 2018. The number of shareholders in the cooperatives reached 76, 294, confirming the effectiveness of programs and plans implemented by the cooperatives with the confidence of the shareholders and consumers in products, goods and services offered by the cooperatives.
This came during a speech by Dr Suhail Al Bastaki, Director of Happiness and Marketing Department, Union Coop, on behalf of the Consumer Cooperative Union on the occasion of the opening ceremony of the 14th Gulf Consumer Protection Day, under the slogan “Towards Secure e-shopping for Consumers.” In addition, the launching of the 24th cooperatives shopping festival.
He said, “The Consumer Cooperatives have been a success in the UAE, thanks to the unlimited support of the wise leadership of H.H. Sheikh Khalifa bin Zayed Al Nahyan the President of the UAE and H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE, and ruler of Dubai. The foundation of the cooperatives was laid down by the late Sheikh Zayed bin Sultan Al Nahyan (May Allah Rest His Soul), the founding father of the United Arab Emirates.
He added, “The launch of the slogan ‘Towards Secure Electronic Shopping for Consumers’ comes for the third consecutive year, to prioritize the importance of consumer security with the significant and tangible development on the electronic side, in order to keep up with the latest in the retail world.”
2 Billion 219 Million
He pointed out that the total capital of cooperative societies in the country amounted to about AED 2 billion and 219 million by the end of 2018. He also highlighted that the number of consumer cooperatives in the country is 18 major cooperatives followed by 159 branches, the number of branches will be 182 branches, by constructing more 23 branches, which contributes to the geographical coverage of most densely populated areas in the country, and still maintains a great opportunity for further expansion so that it can make its services accessible to all the consumers in the country.
Al Bastaki announced, “In conjunction with the ‘Year of Tolerance’, the 14th Gulf Consumer Protection Day and the 24th Cooperatives Shopping Festival, we are planning discounts and deals on 125 commodities at Union Coop. This is to achieve the highest levels of interest and signify the belief of Union Coop in easing the burden off the shoulders of members of society.”
“The Consumer Cooperative Union and consumer cooperatives have contributed directly and conspicuously to maintaining price stability and consumer protection through the production and supply of 595 basic consumer goods under the brand of ‘Co-op’, which have high quality, competitive prices comparable to foreign products, comparatively low prices by 10-30%, and a number of other commodities were imported directly, which helped break the monopoly and provide multiple alternatives to consumers at competitive prices.”