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.
The meeting forms part of ICA's efforts to extend its activities in the Middle East, particularly in light of the United Nations' declaration of 2025 as the Year of Cooperatives in July. The UAE is considered a prominent model for the sector’s development in the region.
The International Cooperative Alliance, founded in 1895, is one of the oldest non-governmental organisations globally. It functions as the supreme authority that represents cooperatives, boasting a membership of approximately one billion members from over 105 nations and more than 300 cooperative associations. ICA coordinates global endeavours for the development of the cooperative sector ensuring its sustainability, given the sector’s key role in the growth of national economies.
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