Page 52 - MOE ENGLISH PR REPORT - SEPTEMBER 2024 (Part 2)

Press Release

Ministry of Economy and International Cooperative Alliance explore
opportunities for strengthening cooperation and exchanging best experiences

in the cooperatives sector

Revenues generated by the UAE’s cooperative associations totalled 7.81 billion
in 2023 with five per cent year-over-year growth

Abu Dhabi, 17 September 2024:

H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, held a meeting with
Jeroen Douglas, Director General of the International Cooperative Alliance (ICA), to explore
opportunities for strengthening collaboration and exchanging best experiences to foster the
advancement of the cooperative sector.

H.E. Al Saleh highlighted that the UAE has placed significant emphasis on the development of an
integrated and forward-looking legislative framework based on global best practices, in alignment
with its wise leadership’s directives. This commitment is evident in the issuance of Federal Law
by Decree No. 6 of 2022 and Executive Regulation No. 55 of 2024, which mark a crucial milestone
in enhancing the performance of the country’s cooperative sector. These regulations have
facilitated the establishment of cooperatives in previously unexplored sectors beyond the
traditional ones, with participation from all segments of society. These efforts align with the
national objective to increase the sector's contribution to the country's GDP to five per cent and
expand the number of cooperative members to 500,000.

H.E. explained that the Ministry of Economy (MoEc) is committed to enhancing joint efforts with
ICA to benefit from new insights and expertise, leverage successful international models within
the cooperative sector, and develop initiatives and programs that promote the sector’s integration,
ultimately bolstering the national economy and strengthening the UAE's leadership in this key
sector.

During the meeting, H.E. Al Saleh reviewed the key accomplishments of the UAE’s cooperative
sector that can be attributed to the country’s ongoing efforts to enhance the regulatory and
legislative framework for promising economic sectors. The amended Cooperatives Law has
fortified the legislative framework for cooperative associations in the country, encouraging their
participation in the UAE's financial markets and facilitating their expansion in new economic
sectors including education, healthcare, and technology. Furthermore, the UAE's cooperative
associations have experienced a five per cent growth, with total revenues amounting to AED 7.81
billion in 2023, compared to the AED 7.45 billion recorded in 2022.