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Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, yesterday appointed a founding committee for aswaaq with Ahmad Bin Bayat, Secretary-General of the Dubai Executive Council, as Chairman and Abdul Basit Al Janahi and Sami Al Gamzi on the Board.
Joint-stock company
aswaaq is the largest chain of community centres and supermarkets in the UAE and is a public joint-stock company (under formation).
While Dubai government will own 45 per cent stake in the company, the remaining shares will be owned by the public and will be listed on the stock market.
"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.
Profits to social services
"aswaaq will also encourage UAE nationals to work as suppliers and investors in the project. A share of the profits will be given to social services," he said.
Dubai is a leader in mall and retail outlets. Studies and research foresee that by 2010 Dubai's malls will occupy 50 per cent of the Gulf region's total area of malls; mall area will increase from 13 million square feet to 30 million square feet.
"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.
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.
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