UAE Cabinet approves new law on listing cooperative societies, crowd funding
This was the last Cabinet meeting to be held at Expo 2020 Dubai
Dubai: The UAE cabinet on Monday approved a new law on cooperative societies that would allow them to be listed on stock markets.
The Cabinet also approved crown funding activities in the public and private sector.
The law on cooperative societies will allow them to attract strategic partners, as well as introduce newer kinds of cooperatives such as digital, financial and professional.
This was the last cabinet meeting to be held at Expo 2020 Dubai, which ends on March 31. The six-month event, which began on October 1 last year, has logged more than 20 million visits.
“Cooperatives are successful business models that can be built upon and developed for new horizons,” Sheikh Mohammed said in a tweet.
Last month, the Cabinet has approved the decision on the trading of shares of cooperatives on the country’s financial markets.
According to the decision, the financial markets would 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.
Law on crowd funding
“Crowd funding is one of the best means to support financing of innovative ideas, and will open opportunities to fund the ideas of youths and entrepreneurs,” the Vice-President said.
The Cabinet also approved the strategy of the UAE Gender Balance Council to enhance women’s presence in leading positions.
A new system on injuries at the workplace has also been approved to preserve the rights of workers and protect them from work injuries and occupational diseases.