Emirati supermarket chain Union Coop has become the UAE's first cooperative to list its shares on the Dubai Financial Market (DFM).

The company marked its debut on the exchange on Monday with its shares trading at AED3.8 ($1.03) as of 10:03am, around 2.5% lower than the indicative price of AED3.9.

Union Coop had set the indicative price following a share split of one to ten, whereby each Union Coop shareholder received 10 shares in exchange for one share they owned.

The listing is part of Dubai's strategy to boost the stock market's competitiveness.

Union Coop had appointed xCube as a market maker service provider for the listing.

(Writing by Cleofe Maceda; editing by Seban Scaria)