New law to enhance cooperative governance

ABU DHAB: The new cooperatives law, announced by His Higness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, is a new step towards developing the governance of the cooperatives sector, underlining the sector’s importance in ensuring the diversity and competitiveness of the national economy, said Abdulla Bin Touq, Minister of Economy.

He added, “The law reflects the UAE’S vision to create a successful cooperative economic model based on flexibility and sustainability, thus encouraging the formation of new cooperatives in various priority sectors that are on par with their global counterparts.”

“The law further promotes the UAE’S position as a leading country in the cooperatives field, in line with the principles of the 50 and the UAE Centennial 2071 goals.”

Bin Touq said “The new law emphasises the collaborative efforts of the Ministry of Economy and its partners from the government, federal, and local entities in the past stage. The components of the law have been developed based on the country’s vision and its future plans for the development of the cooperative sector, in line with international best practices. This contributes to unlocking broader prospects for all segments to take part in cooperative efforts, specifically since the UAE is one of the leading countries in the field in the region.”

He added that the UAE now possesses an effective tool to boost the growth of the cooperatives’ businesses and activities, allowing them more space to operate in, expand, and diversify their economic activities and sectors.