Effective September 1st – Union Coop allows all UAE Citizens to buy its shares.
Prepared by: Benoi Nair
Photographer: Sultan Almarzooqi
The decision came as a result of continuous efforts.
Union Cooperative, the largest Consumer Cooperative in the UAE announced that all UAE citizens will soon be able to buy their shares and investing in Union Coop.
H.E. Majid Hamad Rahma Al Shamsi, Chairman of Union Coop said: “This decision is a result of continuous efforts made by the Board of Directors over the past years to empower consumer cooperatives promote expansion to other emirates and to allow all UAE citizens to get financial returns by investing their money in a distinct National economic institution with a strong and growing financial performance such as Union Coop.”
“All UAE Nationals will be able to buy Union Coop shares and become shareholders starting September 1, 2019. The interested individuals can visit the ‘Shareholders’ center at Etihad Mall, Dubai along with the required documents to register as shareholders of Union Coop. The Board of Directors decided to allow all UAE citizens to purchase the shares of Union Coop after obtaining the necessary approvals from the Ministry of Economy,” said Al Shamsi.
Al Shamsi pointed out: “The shifting of Consumer Cooperatives to become under the umbrella of Ministry of Economy will not only benefit fellow citizens but will also maximize the role of consumer cooperatives in controlling prices of goods in the retail market of the state and will actively involve them in building a National Strategic Sustainable Food Stock. This will also increase the investment and income opportunities for the UAE citizens and intensify the efforts to serve the community by increasing the initiatives and programs that support the activities of various institutions, which contribute to the achievement of the objectives of the wise leadership. All of this will raise levels of services beyond the expectations of the community members.”
He indicated: “Many citizens have waited for long and still waiting to purchase Union Coop shares, due to its performance in the market and its reputation as Nation’s leading Consumer Cooperative in terms of financial performance, quality products and services and its roles in community contributions. The opportunity has come to those citizens to fulfill their aspiration, which is one of the objectives of Union Coop to promote the happiness of the society and its member citizens as shareholders, consumers and residents, who are partners in our success through their valuable trust in Union Coop.”
Union Coop witnessed a 26.5 percent increase in net profit for the first quarter of 2019, compared to the same period of the previous year, with an increase of AED 28.8 Million. The Net profit reported was AED 109.7 million in 2018 to AED 138.5 Million in 2019.