March 25, 2023

Dubai Week

Complete Dubai News World


The Emirates Consumer Cooperative Association for the Food Industries offers its shares to the public

The Emirates Consumer Cooperative Society for Food Industries, in conjunction with Fifty-Article Document – Item Eight, has announced that it will offer its shares to the public for the purpose of establishing citizen cooperatives in the health, food and other sectors. Establishment of co-operative societies for citizens in the fields of health, food and other.

With a capital of 20 million dirhams in the first phase, the Emirates Co-operative Society began by establishing at the state level 19 national businessmen with high expertise in various fields, especially in the industry for citizens.

The subscription stages start from 3 stages, the first stage represents the launch of the co-operative own brand, and the second stage a factory is set up to package the co-operatives ’own products. Opening of two branches in two new markets in the country by setting up a platform for electronic sales and establishing a packaging and packaging factory and two branches covering all the emirates of the country in two different markets.

A feasibility study has revealed that financial performance indicators, expected to be between 5 and 7 years, are equivalent to 20% of net profit from income, equivalent to 40% of return on capital, and the expected accumulated profit is equivalent to 100 million dirhams. One of the accredited professional offices.

Jasim al-Bastaki, the founder and chairman of the Constituent Assembly, said he came up with the idea of ​​establishing the association in conjunction with a fifty-party document on the establishment of cooperatives for citizens in the health and food sectors. Long-term plans were established with the aim of doubling the income of the citizens, improving the quality of certain services and providing basic goods at reasonable and competitive prices, establishing an industrial business entity operating under the co-operative system and owned by the citizens. Country under the supervision of the Cooperative Department of the Ministry of Economy.

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He pointed out that the purpose of establishing the Emirates Cooperative Society for the Consumer Food Industries was to contribute to the community and to provide consumer goods and products such as rice, grains, spices, and canned goods at reasonable prices through their production and sale. Wholesale or retail price.

He explained that he was grateful for the sincere efforts of all those who worked tirelessly to achieve this goal. To give them a decent life.

Ahmed al-Sarkal, vice-chairman of the Constituent Assembly, called on all citizens and national families over the age of 18 to join the association and take advantage of this opportunity, which reflects the establishment of the first industrial cooperative at the state level to achieve the desired goals, available through the association’s headquarters located in the Garhoud area. . Dubai.

He said the goal of establishing the Association was to contribute to the development of a solid and sustainable cooperative economic sector capable of responding to the economic and social needs of the community in a way that contributes to the achievements of the United Arab Emirates 2071. Laying the foundation for a diversified and flexible economy enables it to be the best in the world, especially as cooperatives have proven successful.

In turn, Dr. Faisal Ali Moussa, Treasurer of the Constituent Assembly, stressed that the Association strives to be the best at delivering better consumer goods, adhering to improved policies, enhancing customer service performance and achieving better profits for citizens. Stakeholders to contribute to the achievement of the economic and social goals of the state and to increase the role of the association in providing benefits and social needs.

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He pointed out the significant response from the citizens to the idea of ​​unification based on the belief in publications that represent the desired goals of establishing the association and serving all citizens at the state level, expressing his confidence in achieving the established goals in the best possible way. Professional practices that guarantee the satisfaction and aspirations of all.