Sales of UAE cooperatives grew by 11.7 percent in 1999
The total sales of the cooperatives in the UAE totaled 1.5 billion dirhams last year, reported Al-Ittihad newspaper. According to the report, this figure reflects a Dh 156 million increase compared with the previous year, which is equivalent to 11.7 percent. The total capital of these cooperatives grew to Dh 337 million by the end of 1999—a Dh 6 million rise.
The chairman of the Consumer Cooperative Markets Association in the UAE, Solaiman Jasem, has estimated that the turnover of the 94 operating cooperative consumer markets in the UAE will exceed Dh 1.5 billion by the end of 2000.
The number of investors in these cooperatives increased to 18,933 this year, a 2.6 percent rise compared with the previous year. — (Albawaba-MEBG)