Dubai, 24th March 2008: "aswaaq", the biggest retail project in the UAE and a public joint stock company of which the Dubai government has 45% stakes, held an introductory meeting today with members of the Mohammed Bin Rashid Establishment For Young Business Leaders (SME) at the Grand Hyatt Dubai.

Attended by high officials from both "aswaaq" and SME, the meeting saw the participation of approximately a hundred SME members who have different business and service activities in the Emirate of Dubai and receive the attention and support of the Establishment.

The meeting comes as an initiative on behalf of "aswaaq" which believes in social responsibility and gives priority to the Emirate's nationals, particularly the business pioneers among them by introducing SME members with the opportunities and advantages "aswaaq" has to offer.  In so doing, "aswaaq" will be leasing areas within the communities in order to fulfill its commitment to providing a full range of services under one roof. In addition, "aswaaq" will be creating job prospects and opportunities for UAE nationals to become major importers and suppliers to the supermarkets and community centres.

Mr. Abdul Baset Al-Janahi, CEO of "aswaaq", said: "This introductory meeting comes as an interpretation of the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, and in line with "aswaaq's" belief in social responsibility, "aswaaq" will provide UAE nationals, especially business entrepreneurs at SME with many opportunities. These include better rates on opening a supplier's account at "aswaaq", on new products, as well as on additional display areas for the presenting of their special offers and promotions, while allowing them once a year to lease two display areas for free during promotion periods for the duration of one week to 10 days. Moreover, "aswaaq" will allow members to announce and advertise particular products and to take part in the SME annual promotion held once a year. Furthermore, "aswaaq" will not charge SME members for replacing the goods or products they supply."

Al-Janahi emphasised that "aswaaq" aims at assigning 15% of its purchases to companies registered with the government purchase program at SME compared to the 5% other government bodies' assign. We encourage SME members to take part in the various tenders "aswaaq" presents, while granting them priority when it comes to public tenders, taking into account quality and pricing. "aswaaq" will also designate 20% of leased areas to SME members, in addition to a booth to be rent on a daily, weekly or monthly basis, with a 20% discount on the yearly rent which to be paid in four installments.

Akil Kazim, Director of Operations at SME, stated that the opportunities and advantages offered by the company to SME members are a catalyst for them to develop their business and should drive them towards more excellence, innovation and reconnaissance, providing them with a chance to contribute to their country's progress and serve their society.

Al-Janahi pointed out that in line with its role in serving the local communities, "aswaaq" will build its own shopping centres in many residential areas in the Emirate of Dubai, close to the residents' homes with the aim of meeting their daily needs of consumable products and other necessary services to reduce the burden of moving from one place to another in search of their daily necessities. Thus, great opportunities await UAE nationals; whether they are business entrepreneurs or otherwise, to present their services through the shopping centres of "aswaaq" or to personally work at these centres occupying any of the many jobs and posts that will be created by the company.

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About aswaaq:
"aswaaq", the biggest retail project in the UAE, is a public joint stock company (under formation) of which the Dubai government has 45% stakes.

The "aswaaq" project is a new, innovative concept in the world of shopping and retail, based on small, medium and large-sized shopping centres strategically located at the heart of residential areas. These centres will have lively "aswaaq" supermarkets at their heart complemented by retail shops and will soon become available in all bustling and populated areas of the UAE, providing a wide range of products that meet the requirements of all shoppers regardless of their nationality or age.

The "aswaaq" shopping experience is uniquely defined by the high-quality tailor-made assortments and fresh products offered at fair prices with friendly, consistent and efficient customer service. "aswaaq" is particularly proud of the values upon which it bases its practices, respecting its clientele's freedom of choice, focusing on applying the best international practices, not to mention contributing to the pioneering task of institutions supporting medium-sized and small projects in the UAE. By becoming a major source of products, goods and services, "aswaaq" will play a vital role in local neighbourhoods; providing investment opportunities for UAE entrepreneurs, as well as creating job prospects. Moreover, it will also provide UAE nationals with the opportunity to become major importers and suppliers.

"aswaaq" will also give back to society by setting aside a certain percentage of the net profit for social and community services.

For more information, contact:
Hind Al-Falasi
Director Public Relations - aswaaq
Tel: 04/3601569
E-mail: hind.alfalasi@aswaaq.ae

Lina Husri / Selina Kleinwort
Public Relations
O2 Marketing Communications
Tel: 04/3122777
Email: lina.h@o2mc.net or selina.k@o2mc.net

© Press Release 2008