GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

Dubai, UAE, December 18, 2018:  H.E. Majid Hamad Rahmah Al Shamsi, Chairman of Union Coop, the largest consumer cooperative revealed growth forecast for the years 2018-2022, as a part of its growth strategy. Union Coop estimated revenue of AED 5.69 billion, with an increase of AED 2.59 billion, and a growth rate of 84 per cent. As per the growth plan, Union Coop expects to improve the efficiency of operations by deploying several initiatives aiming to leverage the performance of existing branches, developing new branches, in addition to boosting online shopping as well. 

H.E. Majid Hamad Rahmah Al Shamsi affirmed that the estimated growth in total revenue indeed reflects the strength of the Dubai market and UAE in general. We believe in the future and have faith in the establishment of a national economic entity that promotes sustainable economic development in the country while striving to achieve the highest level of benefits for shareholders and consumers through existing and future branches. We're keen to keep up with the changing retail landscape by offering various shopping channels for the convenience and happiness of the consumers, in the form of online shopping, Shopper valet, home delivery and many more services.” 

As per Al Shamsi, Union Coop is also looking forward to expanding outside Dubai and invest in more initiatives and smart services that will promote growth in the retail sector and support sustainable development in Dubai and UAE in general. The investment in assets until the end of 2017 amounted to AED 2 Billion and is expected to further increase by AED 1.93 Billion, with a growth rate of 97 per cent by the end of the year 2022. As per the growth plan, the estimated value of the assets will be AED 3.93 Billion. Union Coop includes 17 new sites across Dubai, with the latest being ‘The Pointe' branch. 
Increase in the Area 

Al Shamsi said: “As per the growth plan (2018-2022), Union Coop's total area will grow from 2.36 million sq.ft. to 6.26 million sq.ft., at a significant growth rate of 264 per cent. This improvement in the total area will not only improve the business opportunities for us but will also improve our services to shareholders and consumers in general, thereby offering everyone a unique and new shopping experience.”

“The forecasted growth in the five-year plan is almost three times compared to the growth of Union Coop in initial 35 years of operation, which shows our hard work and perseverance in building an evolving economic entity, despite the market challenges.”

“Union Coop began its journey with Satwa branch, on a 3670 sq. ft. leased space, while at present we have 15 branches and 2 malls – Etihad Mall and Al Barsha Mall, and 16 future projects by the end of the five-year growth plan, thereby making Union Coop one of the largest consumer cooperative in the Middle East.” Said Al Shamsi. 



Posted by : GoDubai Editorial Team
Viewed 5124 times
Posted on : Tuesday, December 18, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : AED 2.73 Billion as Expected Net Profit for Union Coop in its Five-Year Plan
Next Story : New ‘COOP' Concept Store at The Pointe, Palm Jumeirah
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Michael Kors Unveils Spring 2019 Michael Kors Collection Ad Campaign
Flaunt your gravity-defying hairstyles to become the face of our brand
Linda Meredith Luxury Skincare Now at Coya Spa, Mirdif
City of gold celebrates the joy of new year with amazing wins this Dubai Shoppin...
Facial Peels – What Are They?
St. Valentine's Day
Sony Unveils Newest Products and Introduces Latest Efforts from Entertainment B...
Hask's Winter Care for Your Hair
Celebrate Valentine's Day with GUESS
New Lamborghini Huracán EVO: elevation of technologies for amplified drivin...
Start the Year with some TLC and enjoy the fantastic offers at The SPA at Steige...
Corum Heritage Eleganza- A luxury feminine piece
Trend Alert: Stay Timeless and Classy With a D1 Milano Timepiece
Morison Menon strategically integrates with Kreston International and rebrands ...
Rolls-Royce Motor Cars Achieves Historic Business Record
Tissot Chemin des Tourelles
Nokia 8 Sirocco blends premium craftsmanship and latest innovation with Android™...
Gharib Lands Al Shira'aa Double As One-Star Event Comes To A Close
LG Electronics' Promise of AI for an even Better Life Delivered at CES 2019 Keynote
Continental Commissions First Driverless Tyre Test Vehicle
Hankook 24 Hours of Dubai kicks off the 2019 season for Audi
19 reasons to fly with British Airways in 2019
Joyalukkas Shopper wins BMW Car in the ongoing DSF Mega Promotion
Malabar Gold DSF Winner Photo for Release - Babul Hussain
Celebrate the Month of Love with a Brighter Smile at The Smile Bar
HP Opens CES 2019 with Stunning Displays, PCs and Security Innovations
Malabar Gold & Diamonds opens a new showroom in Millennium Dubai Airport Hotel t...
Global Village presents Scheherazade, a timeless tale of intrigue and adventure
Eberhard & Co. Main Sponsor of Winter Marathon 2019
Longchamp Spring/summer 2019 Show
Turkish Airlines reached the 80.2% Load Factor in December 2018.
Samsung Smart TVs to Launch iTunes Movies & TV Shows and Support AirPlay 2 Begin...
Epson to participate at SGI 2019 for the 10th year highlighting high value solut...
Always take the front row with this 7.2” supersized smartphone screen
Third Edition of Al Shira'aa International Horse Show Concludes with Thrilling Finale
Bring out the Chef in your little ones at 800 Degrees Pizzeria
Shane Breen Wins Grand Prix Qualifier at Al Shira'aa International Horse Show fo...
Young Al Owais Ends Al Shira'aa One Star With Victory
Smart City Services at Silicon Park Reach Advanced Level of Completion
Dubai Festival City Mall's Festival Bay transformed with a new, larger-than-lif...
Introducing Burberry Bespoke Fragrances
Al Wahda Mall thrilled to announce launch of new outlets
UAE tap water is safe to drink – just keep storage tanks clean
Celebrate Valentine's Day With a Quintessential Timepiece From D1 Milano
Eberhard & Co. Gilda makes an extraordinary Valentine's Day gift
Cadillac announces Middle East arrival of the 2019 ATS model
Canadian University Dubai (CUD) launches degree program in Climate Change in par...
Union Coop Among the ‘Elite' Sponsors of The FAZZA Championships for People of D...
Always Breaks the Guinness World Record for a Cause
ADEK's Winter Activities Program in Abu Dhabi hailed a resounding success