This law will further promote the UAE’s status as a leading country in the cooperative sector, in line with the UAE 50 Principles and the goals of the UAE’s 100th anniversary in 2071: Abdulla bin Touq
Economy Minister Abdullah bin Touk said the new Cooperative Law announced by President Sheikh Mohammed bin Zayed Al Nahyan is another step towards the development of governance in the cooperative sector. said it emphasized the importance of the sector in ensuring the diversity and competitiveness of the industry. national economy. In a statement on Thursday, the minister said the law reflects the UAE’s vision to create a successful co-operative economic model based on flexibility and sustainability, and as a result, will be on par with its global counterparts. He said he was encouraging the formation of new cooperatives in different priority areas.
“This law further promotes the UAE’s status as a leading country in the cooperative sector, in line with the UAE 50 Principles and the goals of the UAE’s 100th anniversary in 2071,” said Bin Touq.
The minister said the new law underscores the joint efforts of the Ministry of Economy and its partners government, federal and local agencies in past stages.
The legal components were drawn up on the national vision and future plans for the development of the cooperative sector, in line with international best practice. Especially since the UAE is one of the leading countries in this sector in the region, this will contribute to unlocking broader prospects for all segments to participate in cooperative efforts.
Mr Bin Touq said the UAE now possesses effective tools to boost the growth of cooperative businesses and activities, and more resources for cooperatives to operate, expand and diversify their economic activities and sectors. I added that we are providing space.
The law also enhances the role of the Ministry and relevant government agencies in organizing mechanisms for the cooperative model, thereby fully protecting the rights of investors and ensuring best practices in trading. It helps establish an important and progressive legislative and investment environment that encourages the creation of new cooperative ventures.
Furthermore, Bin Touq emphasized that the new law will strengthen the country’s digital economy as it will lead to the establishment of new cooperatives in the digital field and the expansion of modern technological activities. Thus, the country can keep up with recent global developments and realize its vision of mobilizing investment in new economic sectors.
In total, there are now nearly 43 cooperatives in the UAE, operating through 200 branches across the country. Of these, 21 are consumer cooperatives, 14 are fishermen’s cooperatives and 7 are active in other and federal sectors.
—muzaffarrizvi@khaleejtimes.com
