Emirati citizens can buy Union Coop shares from September

Published: Mon 1 Jul 2019, 5:07 PM

Last updated: Tue 2 Jul 2019, 5:02 PM

Effective September this year, all Emirati citizens, disregarding the emirate they were born in, will be able to buy shares and invest in the Union Coop, the largest consumer cooperative in the UAE.
Majid Hamad Rahma Al Shamsi, chairman of Union Coop said that the move is meant to empower consumer cooperatives and promote expansion to other emirates. “The decision is also to allow all UAE citizens to get financial returns by investing in a distinct National economic institution with a strong and growing financial performance.”
All UAE nationals will be able to buy Union Coop shares and become shareholders starting September 1, 2019, he disclosed. 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 Union Coop shares after obtaining necessary approvals from the Ministry of Economy, Al Shamsi said. “Shifting Union Coop to be 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, he explained. “This will also 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.”
Union Coop witnessed a 26.5 per cent increase in net profit for the first quarter of 2019, compared to the same period of the previous year, with an increase of Dh28.8 million, he stated. “The net profit reported was Dh109.7 million in 2018 to Dh138.5 million in 2019.”
— ahmedshaaban@khaleejtimes.com