Today's Edition
ABU DHABI (ALETIHAD)
The UAE Consumer Cooperative Society for Food Industries held its general assembly and elected a new board of directors. The meeting was attended by board members and shareholders, along with representatives from the Ministry of Economy and the financial audit firm.
The Emirates Consumer Cooperative Society for Food Industries held its fourth ordinary general assembly meeting for the fiscal year 2024 on Wednesday, April 16 at the Emirates Consumer Cooperative's headquarters in the Band Al Hamar area.
During the meeting, the Board of Directors reviewed its most notable achievements over the past year, during which the Association succeeded in reducing expenses by 18% compared to 2023, through systematic monitoring and analysis of weekly reports.
The Board of Directors further discussed and approved several substantive reports and decisions, including the minutes of the previous meeting, the Board of Directors' report on the Association's activities, and the auditor's report for the fiscal year ending December 31, 2024, in addition to approving the budget and loss account for the same year, and discharging the Board of Directors and auditors from liability.
The association witnessed a significant expansion in its product offerings, with the addition of 1,750 new products, a 30% increase over the previous period, focusing on key brands and providing a variety of wholesale and retail options.
As part of developing the shopping environment, management updated the store's interior design and added new shelving to display products in an innovative way. It also developed a plan to manage inventory flow.
Also launched its Cooplus. An app, which provides a comprehensive online shopping experience and home delivery service, helping boost sales and facilitate product access for customers.
For wholesale sales, the association established a specialised department and appointed a team of experienced professionals. This contributed to the signing of contracts with three food supply companies in Dubai and Abu Dhabi, with an annual value ranging between Dh12 million and Dh16 million. This was in addition to meeting the needs of some government offices and entities at competitive prices.
The attendees also discussed expansion plans across the country's various emirates. The previous board of directors, headed by Dr. Ahmed Hassan bin Al Sheikh, emphasised the continuation of efforts to find new locations in cooperation with relevant entities, with a focus on developing the online platform for retail and wholesale sales and planning to open new branches in residential areas across the country's various emirates.
The meeting concluded with the election of a new Board of Directors for the next three years, and the formation of administrative positions for the upcoming period. The following were elected:
Jassim Mohammed Al Bastaki: Chairman of the Board of Directors
Ahmed Ali Al Serkal: Vice Chairman of the Board of Directors
Hamda Khalil Al Mansouri: Treasurer
Ali Abdulaziz Al Ali: Secretary
Mohammed Salem Al Dhaheri: Board Member
Mohammed Abu Bakr Al-Siyari: Member of the Board of Directors
Mohammed Ahmed Hassan bin Al Sheikh: Member of the Board of Directors
Jassim Al Bastaki, Chairman of the Board of Directors, expressed his thanks and appreciation to the former Board of Directors and its Chairman, Dr. Ahmed Hassan Bin Al Sheikh, for their efforts in supporting the cooperative’s progress during the past period.
He stressed that the new management will continue to work on developing the cooperative’s business expanding its horizons, in line with the aspirations of members and enhancing the cooperative’s presence in the UAE market.
Al Bastaki futher said, "This will be achieved by launching a new methodology and qualitative initiatives that contribute to enhancing the quality of services and expanding the beneficiary base, in addition to exploring innovative investment opportunities that support financial sustainability and achieve added value for the community."
