New UAE cooperative law to come into effect in December

Summary

The UAE’s new cooperative law, effective in December 2022, aims to revitalize the sector by encouraging diverse cooperatives, including digital and service-based. It seeks to increase cooperatives’ contribution to the non-oil GDP to 5% by 2031 and grow membership to 500,000. The law enables cooperatives to diversify activities, establish companies, and acquire shares in others. It also aligns with the UAE’s digital economy vision and imposes penalties for false data and misuse of cooperative identities.