UAE-based Union Coop has donated AED4,673,113.96 to various local community projects and campaigns this year across the social, health, security, economic, charitable, sports and youth sectors.
The society has supported members of the Mohammed Bin Rashid Establishment for SME Development and the Khalifa Fund for Enterprise Development.
The Mohammed Bin Rashid Housing Establishment, the Dubai International Holy Quran Award and the CoTopia Foundation for Corporate Social Responsibility have also received financial and material support from Union Coop.
In addition, Union Coop has sponsored marketing and awareness campaigns run by the emirate’s government and ministries by printing campaigns’ artwork on eco-friendly shopping bags and advertising them on media platforms or point-of-sales screens.
Union Coop is keen to support all community initiatives and programmes organised by the Dubai government across social, humanitarian, economic and security fields, said the society.
For instance, the cooperative has hired people of determination and given rewards to National Service employees.
Earlier this month, Union Coop listed its shares, worth AED3 billion, on the Dubai Financial Market.
The listing, which was celebrated by His Excellence Majed Hamad Rahma Al Shamsi ringing the market’s opening bell, aligned with Union Coop’s and the emirate’s efforts to develop the Dubai Financial Market and accelerate investments in the country.
The UAE government has encouraged trading shares on financial markets to strengthen the regulatory environment for the cooperatives’ sector and reinforce competitiveness.
Union Coop’s objective is to increase profits and returns for its members by bringing in more sales and revenue, said the society.
To date, Union Coop’s expansion plans, which began last year, have brought its portfolio to 24 branches and four malls.
The first quarter saw AED116.5 million in net profits, a 2.6 per cent increase from the first quarter of 2021.
Last year, Union Coop reported AED413 million in profits and a profit margin of 21 per cent.
Since its inception in 1984, Union Coop has recorded a compound annual growth rate of 10.5 per cent, with sales having increased by 16.85 per cent.
