The Memorandum of Understanding was signed in the Coop headquarter by Mr. Khalid Al Falasi, the General Manager of Union Coop, and Mr. Ibrahim Al Mansoori, the Chief Operations Officer of Khalifa Fund for Enterprise Development.
The MOU includes a patch of exemption given to the projects funded by the Fund such as exemption from the registration fees in the suppliers’ record which is two thousands dirham for each products, and giving them the priority to supply, also to give them 50% discount on the shelf rents.
As per the agreement, the Union Coop will give the Fund’s members the right to reduce their prices to be less than the price of the similar products in order to increase the competitiveness with other products. It also includes giving 10% of the Coop space in the new locations for the Fund’s members.
“This MOU will open new doors for the projects funded by Khalifa Fund especially the one specialized in retails such as food industries, sweets, perfumes, accessories and many other,” said Mr. Ibrahim Al Mansoori the COO of Khalifa Fund after the signing ceremony.
“This MOU is aiming to empower the spirit of innovation in the country, to encourage and facilitate developing the private business and to urge the entrepreneurship between the Emiratis, in addition to improve an essential economic sector such as small and medium sized enterprises,” added Al Mansoori.
“The MOU provides advantages and the best competitiveconditionsfor the suppliers who are member in Khalifa Fund. In addition to that the Coop will provide training services for them as well. They will also provide some recommendations and suggestions for them on the field of service level and the quality of the products for Khalifa Fund’s members,” said Khalid Humaid bin Dheban Al Falasi the General Manager of Union Coop.
Exemption from fees
“The agreement grants reducing the collection period for the Fund’s members from 90 to 30 days which will assist them to improve their businesses and to run it in smoother way,” added Al Falasi
Khalifa Fund established a unit focuses on creating a good environment that can support the projects to succeed and sustain. This unit evaluates the facilities in this agreement with Union Coop as a good chance to for the Fund’s members, as it reduce the product cost and will empower the competitiveness abilities for the projects funded by Khalifa Fund which will increase the possibilities for its success and sustainability which will support the national economy.
Monday, February 11- 2013 @ 13:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.