Cooperatives get Cabinet nod to trade on UAE’s stock markets

Dubai: The UAE Cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved a decision on the trading of shares of cooperatives on the country’s financial markets.

According to the decision, the financial markets will be allowed to establish special platforms for the registration, trading and transfer of the shares of cooperatives, so that they are independent of the IPO and public trading platforms on the bourses.

The move will help strengthen the regulatory environment of the cooperative sector.

The decision gives financial markets the power to establish and develop terms and conditions that determine procedures, standards, requirements, models and mechanisms on registration, trading and complaints, thereby protecting the rights of shareholders and ensuring the foundations of fair investment.

Allowing the trading and listing of cooperative shares in the country’s financial markets is the first of its kind step in the region.