UAE Cabinet approves new law on registration of cooperative societies and crowdfunding
The law on cooperative societies will allow them to attract strategic partners, as well as introduce new types of cooperatives such as digital, financial and professional cooperatives.
It was the last cabinet meeting to be held at Expo 2020 Dubai, which ends on March 31. The six-month event, which started on October 1 last year, has recorded more than 20 million visits.
“Cooperatives are successful business models that can be built and expanded for new horizons,” Sheikh Mohammed said in a tweet.
Last month, the Cabinet approved the decision on the trading of shares of cooperatives in the country’s financial markets.
According to the decision, financial markets would be allowed to establish special platforms for the registration, trading and transfer of shares of cooperatives, so that they are independent from the IPO and public trading platforms on the scholarships.
“Crowdfunding is one of the best ways to support the funding of innovative ideas and will open up opportunities to fund the ideas of young people and entrepreneurs,” said the vice president.
The Cabinet also approved the strategy of the UAE Gender Balance Council aimed at increasing the presence of women in leadership positions.
A new workers’ compensation system was also approved to safeguard workers’ rights and protect them against work-related accidents and occupational diseases.