UAE citizens can buy Union Coop shares from September

Dubai / Emirates Buisness

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.
HE 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.
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 AED28.8 million. The net profit reported was AED109.7 million in 2018 to AED138.5 million in 2019.