Page 441 - MOE ENGLISH PR REPORT - JUNE 2024

6/24/24, 3:26 PM Ministry of Economy: Cooperative revenue hits AED 7.5 billion in 2022, marking 7% growth - Middle East News 247

He noted that this strategy will aid in developing digital infrastructure for managing cooperatives nationwide,
thereby boosting their economic contribution and strengthening the UAE’s position as a leader in modern

and renewable economies.

The country recently promulgated Federal Act No. 6 of 2022 on the cooperative sector, marking a significant
shift in the development of guarantor policies for this sector. This law enables the formation of cooperatives
in new areas and the diversification of their activities. The Ministry adopted two main targets in the light of

this law: to increase the proportion of cooperatives’ contribution to non-oil GDP to 5 per cent by 2031, and to
increase the number of contributing members in cooperative associations to approximately 500,000.

https://menews247.com/ministry-of-economy-cooperative-revenue-hits-aed-7-5-billion-in-2022-marking-7-growth/ 2/2