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UAE changes law to allow co-ops to be listed on financial markets

Co-operative News
Miles Hadfield
2022 03 23
https://www.thenews.coop/161395/topic/development/uae-changes-law-to-allow-co-op-listing-on-financial-markets/

The government of the United Arab Emirates (UAE) has approved a new law allowing the listing of co-operative associations on financial markets.

The move will “attract strategic partners and introduce new forms such as digital and financial co-ops”, said Sheikh Mohammed bin Rashid, vice president and ruler of Dubai, who chaired the cabinet meeting. “Co-operatives are a successful economic model that can be built upon and developed.”

Sheikh Mohammed added: “We approved a new law for co-operative associations in the UAE allowing them to be listed in our financial markets, attract strategic partners and introduces new forms such as digital and financial coops.

“Co-operatives are a successful economic model that can be built upon and developed.”

The law adopts the basic international standards on co-operatives, and covers the establishment of new types of co-operatives, including digital, financial and professional and others.

And it permits the inclusion of co-ops in financial markets according to specified standards and conditions.

The cabinet has also approved a system for crowdfunding platform operators, stressing that the Securities and Commodities Authority (SCA) will be responsible for their regulation, alongside measures aimed at improving worker’s rights and the gender balance across all economic sectors.