UAE approves crowdfunding for public and private sectors

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Sheikh Mohammed chairs the UAE Cabinet meeting at the UAE Pavilion at Expo 2020 Dubai on Monday.

Gulf Today, Staff Reporter

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday approved crowdfunding for public and private sectors.

Sheikh Mohammed approved the crowdfunding decision during the Cabinet meeting he chaired at the UAE pavilion at Expo 2020 Dubai on Monday.

“We approved in the Cabinet today the permission to engage in crowdfunding activity and to have operators from the government and private sectors,” tweeted Sheikh Mohammed.

“Crowd funding is one of the best means to support the financing of new innovative business ideas. it will open a door for young people and entrepreneurs to finance their ideas,” he tweeted further.

Sheikh Mohammed and the Cabinet also hailed the grand success of the Expo 2020 Dubai.

“The largest cultural exhibition in the world during the last 6 months reflects the vision of the UAE government in supporting the event, consolidating its presence locally and globally, and mobilizing all energies to support its exceptional success,” tweeted Sheikh Mohammed.

The Cabinet also  approved a new law for cooperative societies in the country that permits their inclusion in country’s financial markets and allows them to attract strategic partners.

The law introduces new types of cooperatives such as digital, financial, professional and others.

“Cooperatives are a successful economic model that can be built upon and developed for new horizons,” tweeted Sheikh Mohammed.

The UAE Cabinet also adopted the Emirates Council’s strategy for gender balance to enhance the presence of women in leadership positions.

The Cabinet also approved a new system for work injuries in the country, in order to preserve rights and protect workers from injuries and diseases of various professions.

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