The UAE has officially approved a law for crowdfunding as well as the inclusion of cooperative societies in the financial markets.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved crowdfunding measures for both public and private sectors.
“We approved in the Cabinet today the permission to engage in crowdfunding activity and to have operators from the government and private sectors. Crowdfunding is one of the best means to support the financing of new innovative business ideas. it will open a door for young people and entrepreneurs to finance their ideas,” read the tweet from His Highness.
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The UAE Cabinet also approved a law for cooperative societies for their inclusion in country’s financial markets and to attract strategic partners as it introduces new types of cooperatives like digital, financial, professional and others.
“Cooperatives are a successful economic model that can be built upon and developed for new horizons,” said Sheikh Mohammed.
Sheikh Mohammed approved the crowdfunding decision during the Cabinet meeting that he chaired at the UAE pavilion at Expo 2020 Dubai.
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The UAE Cabinet also adopted the Emirates Council’s strategy for gender balance to enhance role women in leadership positions as well as new system for work injuries in the country to preserve rights and protect workers from injuries and diseases.
Hailing the grand success of the Expo 2020 Dubai, he tweeted, “The largest cultural exhibition in the world during the last 6 months reflects the vision of the UAE government in supporting the event, consolidating its presence locally and globally, and mobilizing all energies to support its exceptional success.”
