Dubai News at your Fingertips!
September 26, 2019 – Dubai, UAE:Mohammed Bin Rashid Establishment for Small and Medium Enterprises (SME), one of the integrated divisions of Department of Economic Development (DED), Dubai strengthens its partnership with ‘Union Coop’ – the largest Consumer Cooperative in the UAE by renewing the cooperation agreement.
The corporate agreement aims at supporting the presence of Dubai SME’s Members in the retail sector by offering necessary facilities to ensure the display of their products in the Union Coop branches across Dubai.
The MoU was signed by H.E. Abdul Baset Al Janahi, CEO of Dubai SME and H.E. Khalid Humaid Bin Diban Al Falasi, CEO of Union Coop, in the presence of a number of officials from both sides.
Expressing his opinion on the vitality of this partnership, H.E. Abdul Baset Al Janahi said: – “We are delighted to renew our partnership with Union Coop, which started back in 2015. Union Coop has been one of the most prominent supporters of Small and Medium sized national Enterprises, which in-turn has provided numerous benefits to the members of the foundation distributed through several food, non-food and household products. We expect to witness considerable growth in the number of beneficiaries and financial transactions as a result of this partnership.”
Al Janahi affirmed the foundation’s keenness to offer moral and material support, in addition to the privileges that motivates the members to invest surplus capital in expanding the managerial operations such as by increasing the number of employees or raising productivity, purchasing new equipment and other organizational matters.
Adding his part about the renewed partnership, H.E. Khalid Humaid Bin Diban Al Falasi said: – “Through the renewal of this partnership, Union Coop looks forward to supporting National institutions, enhance their competitiveness with others in the retail sector and assist them to overcome their challenges. This will lead to increased productivity, promote the small and medium enterprises, and thus contribute to the GDP of the Emirate of Dubai and UAE in general. Our combined efforts will accelerate the building of a sustainable economy.”
“Union Coop is keen to support national projects in line with corporate social responsibility objectives, in cooperation with Mohammed Bin Rashid Establishment for Small and Medium Enterprises (SME), through provisions of facilities such as competitive services, discounts and priority in contracting with the members of the foundation,” said Al Falasi prioritizing the aspect of National interest.
The memorandum includes the facilities provided by Union Coop to the members of the foundation, which includes the allocation of 10% of the stores in new locations to the members of the foundation in case of the total number of stores 10 and above. In addition to supporting them with 25% of the annual rent for the first 3 years when they rent shops or counters in Union Coop Commercial centers or branches, as well as providing support from 50 to 100% with priority in the range of other services and facilities.
The value of transactions between the two institutions during 2018 amounted to AED 89 million and 948 thousand, and it is expected that the value of transactions by the end of 2019 will be AED 113 million and 622 thousand, showing an increase of 26.3%.
