Page 48 - MOE ENGLISH PR REPORT- NOVEMBER 2024

Press Release

of cooperatives in previously unexplored sectors beyond the traditional ones, with the participation
from all segments of society.

The Ministry of Economy has set two main goals for the sector. The first one is to increase its
contribution to the non-oil GDP to five per cent by the year 2031; the second is to expand the
number of active members in cooperative societies to approximately 500,000.

The forum, organised in collaboration with the strategic growth consultancy firm Stryber, explored
the key advancements and trends in the cooperative sector globally over the past ten years. It
highlighted numerous successful international examples that have effectively navigated changing
landscapes and transformed global economic challenges into avenues for expansion and diversity.
A noteworthy example is the experience of Switzerland’s ‘Migros,’ which is recognized as a
premier cooperative model both across Europe and internationally.
The forum focused on strategies for collaboration among key players in the UAE’s cooperative
sector, underscoring the crucial role played by the Ministry in promoting awareness about the
importance of cooperative sector on various economic and social fronts. It shed light on events,
forums, and workshops organised by the Ministry in this regard, all designed to strengthen the
sector and facilitate the integration and advancement of the UAE’s cooperatives. These initiatives
aim to position the UAE’s cooperatives among the leading models globally.
As of the end of 2023, there are 42 cooperative societies and two cooperative unions operating in
the UAE. Their total revenue exceeded AED 8 billion in 2023, contributing 0.6 per cent to the
national GDP.

Between 2019 and the end of 2023, the number of members of the UAE’s cooperative societies
reached 105,000, indicating an 11 per cent rise. Among these cooperatives, there are 20 consumer
cooperatives and 14 that specialise in fishing and related activities. The remaining cooperatives
operate in various sectors, including crafts, services, housing, and rental markets. Currently, there
are more than 250 cooperative outlets across the country.

-Ends-

For further information, please contact:

Orient Planet Group (OPG)
Tel: +971 4 4562888
Email: media@orientplanet.com
Website: www.orientplanet.com