The cooperative sector plays a pivotal role in achieving the UAE’s sustainable economic and social development goals and is an important asset to the competitiveness and diversity of the national economy.
UAE’s Ministry of Economy (MoE) and the International Cooperative Alliance (ICA), the largest global cooperative organization, will work together to develop the over AED3.1 billion ($840 million) national cooperative sector.
A Memorandum of Understanding (MoU) signed between the two entities forms part of the ministry’s strategy to improve the performance of the country’s cooperative sector and increase its contribution to the national economy.
The partnership will help raise the work environment in the country’s cooperative sector to new levels.
Under the framework of the MoU, joint actions will be taken along with the ICA to contribute to the development of flexible and proactive legislation that will further empower the cooperative model and regulate its governance.