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Consumer cooperative to combat price increase

Published 2014-09-16 03:53:18
A consumer cooperative is expected to be launched in Madinah within three months to combat the inflation in food prices by providing food at discounted prices to members. 
Hamid Al-Fureidi, CEO of the cooperative, said the cooperative has been licensed by the Ministry of Social Affairs and is in the process of finalyzing the procedures. 
The consumer cooperative aims to provide food products to members at fair and low prices, as compared to prices at other markets in the Kingdom, he said. 
It is expected that imported products for the cooperative will be exempt from custom requirements. 
Al-Furaidi said that four branches will be launched in Madinah to cover all the districts in the city. Customers can either purchase products from the branches in person, or order them online for home delivery, he added. 
Leading officials of the cooperative attended specialized training courses in e-retail procedures organized by Al-Saud University. During the first two years, Al-Fureidi said the focus will be on providing food products only, but will later expand to provide all consumables needed by Saudi families. 
Members of the cooperative will be provided with prepaid cards, similar to food stamps, allowing them to make online purchases for home delivery.

More information: http://www.arabnews.com/saudi-arabia/news/624476

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