Dubai is forming aswaaq, a new public joint stock company destined to become the largest chain of supermarkets in the UAE it was revealed Saturday.
The Governement will own 45% and allocate land to aswaaq, while the other 55% will be listed as an IPO, reserved exclusively for UAE nationals, the company said in a statement.
This will represent the first foray of Dubai governement into the food retail business.
HH Sheikh Mohammed bin rashed Al Maktoum, the Ruler of Dubai has appointed a founding committee consisting of Ahmad bin Bayat, the secretary-general of the Dubai Executive Council, as Chairman of Aswaaq. Abdul Basit Al Janahi, CEO of Mohammed Bin Rashid Establishment for Young Business Leaders, and Dubai Real Estate Corporation board member Sami Al Ghamzi were both appointed to the aswaaq board.
"The committee will soon hold its first meeting to adopt the statute of aswaaq, its strategy and objectives, to ensure its powerful take-off and smooth operations in the UAE market," the statement said.
"aswaaq will focus in its work on using the best international practices to decrease the operating costs of the project. So it will be possible to provide the products and services to the customers with reasonable and fair prices, in addition to its contribution in the leading mission of the supporting establishments to the minor and medium projects in the UAE," said Bin Bayat.
Bin Bayat said that aswaaq was created to provide affordable products and services to consumers as well as support social projects in the UAE. "A share of the profits will be given to social services," he said.
"aswaaq will be a leading national company, established with the support of UAE nationals contributing to their society with the introduction of a new concept in modern shopping," Al Janahi said. "It also provides profitable investment opportunities to UAE nationals."
"aswaaq plans to open a number of community centres and supermarkets in major UAE locations which will provide general public goods and services at fair prices. Other aswaaq locations and opening dates will be announced soon," said Al Janahi. Source
The Governement will own 45% and allocate land to aswaaq, while the other 55% will be listed as an IPO, reserved exclusively for UAE nationals, the company said in a statement.
This will represent the first foray of Dubai governement into the food retail business.
HH Sheikh Mohammed bin rashed Al Maktoum, the Ruler of Dubai has appointed a founding committee consisting of Ahmad bin Bayat, the secretary-general of the Dubai Executive Council, as Chairman of Aswaaq. Abdul Basit Al Janahi, CEO of Mohammed Bin Rashid Establishment for Young Business Leaders, and Dubai Real Estate Corporation board member Sami Al Ghamzi were both appointed to the aswaaq board.
"The committee will soon hold its first meeting to adopt the statute of aswaaq, its strategy and objectives, to ensure its powerful take-off and smooth operations in the UAE market," the statement said.
"aswaaq will focus in its work on using the best international practices to decrease the operating costs of the project. So it will be possible to provide the products and services to the customers with reasonable and fair prices, in addition to its contribution in the leading mission of the supporting establishments to the minor and medium projects in the UAE," said Bin Bayat.
Bin Bayat said that aswaaq was created to provide affordable products and services to consumers as well as support social projects in the UAE. "A share of the profits will be given to social services," he said.
"aswaaq will be a leading national company, established with the support of UAE nationals contributing to their society with the introduction of a new concept in modern shopping," Al Janahi said. "It also provides profitable investment opportunities to UAE nationals."
"aswaaq plans to open a number of community centres and supermarkets in major UAE locations which will provide general public goods and services at fair prices. Other aswaaq locations and opening dates will be announced soon," said Al Janahi. Source
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