UAE approves trading shares of cooperatives on stock markets

The UAE Cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved a decision on the trading of shares of cooperatives on the financial markets in a move conducive to strengthening the regulatory environment of the cooperatives sector and driving their economic returns.

The development, the first of its kind in the region, is aimed to grow the cooperatives' sector contributions to the national economy, enhance their competitiveness and help the sector benefit from the disruptive services provided by the UAE bourses in terms of transparency, resilience and swift management of services.

The decision allows the financial markets to establish special platforms for the registration, trading and transfer of the shares of cooperatives, so that they are independent of the IPO and public trading platforms on the bourses.

ALSO READ:

• Emaar Properties achieves highest ever property sales of Dh33.7 billion in 2021

• Shuaa posts Dh40 million net profit after impairments in 2021

• National Bonds is going global with its fintech solutions to support the Islamic Finance Industry

The decision invests the financial markets with the power to establish and develop terms and conditions that determine procedures, standards, requirements, models and mechanisms on registration, trading and complaints.

• UAE