Ministry of Economy organises Cooperative Sector Leaders Forum

The Ministry of Economy (MoEc) organised the Cooperative Sector Leaders Forum – the first-ever event tailored for leaders in the UAE’s cooperative sector. It was aimed at promoting the exchange of knowledge and best practices and increasing awareness on the key global developments and trends in the sector. Additionally, the forum explored expansion strategies and development plans for cooperative societies with an aim to enhance their contribution to the growth of the national economy.

The forum was attended by H.E. Maria Hanif Al Qassim, Assistant Undersecretary for Policies and Economic Studies at the Ministry of Economy. Participants included representatives of various local economic departments and municipalities from all emirates in the country. Officials from relevant federal and local government organisations, top level representatives from all cooperatives, and members of boards, committees, and executive teams from the sector across all the emirates were also present.

H.E. Maria Al Qasim highlighted the UAE’s commitment to creating a comprehensive legislative and regulatory environment for the cooperative sector. MoEc is actively working to develop this important sector in the country and strengthen its ties with leading global models in the field. These efforts aim to promote its growth and sustainability and enhance the diversity and competitiveness of the national economy. Additionally, they align with the UAE’s transition to a new economic model that emphasises flexibility and innovation, in line with the goals outlined in the ‘We the UAE 2031’ vision.

H.E. highlighted that the Ministry, in collaboration with the UAE’s relevant organisations, has made significant strides in enhancing the governance of the cooperative sector. These efforts aim to expand its activities in accordance with best practices, recognising the sector’s vital role in driving the national economy’s growth. A key achievement in this regard was the promulgation of Federal Decree-Law No. 6 of 2022 on Cooperative Associations, accompanied by its Executive Regulation No. 55 of 2024. These legal frameworks have set the foundation for the establishment 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.

Last Updated on 1 month by News Desk 1