UAE approves crowdfunding for public and private sectors

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the UAE Cabinet meeting, which was held at Expo 2020 Dubai.

The Cabinet meeting was attended by Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance; Lt. General Sheikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; and Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

The meeting approved a number of initiatives and legislations aiming at further developing UAE government work.

Sheikh Mohammed and ministers during Cabinet meeting at Expo 2020 Dubai on Monday. WAM

Sheikh Mohammed said: "Today, I chaired the last Cabinet meeting at Expo Dubai 2020. Over the past 6 months, the cabinet meetings were held at the largest cultural exhibition in the world, reflecting our vision to support this international event, locally and globally."

His Highness added: "We approved today a new law for cooperative associations in the UAE allowing them to be listed in our financial markets, attract strategic partners and introduces new forms such as digital and financial coops... Cooperatives are a successful economic model that can be built upon and developed."

Sheikh Mohammed also said: "We approved the Crowdfunding Platform Operators strategy in public and private sectors. It is one of the best means to support the financing of new innovative commercial ideas and support entrepreneurs by financing their ideas."

Sheikh Mohammed added: "We also approved the new strategy of the UAE Gender Balance Council to enhance the presence of women in leadership positions, and a new system for work related injuries. Our aim to is to preserve the rights of workers and protect them."

His highness added: "Today, I reviewed the experience of community agriculture, where the Ministry of Community Development provides the requirements of green homes for people of determination and senior citizens. We aim to support them, provide them a healthy lifestyle and social benefits."

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.

Protection of worker’s rights

The Cabinet approved a federal legislation regarding work related injuries and occupational diseases for workers in the private sector, which specify the mechanism for reporting and investigating an injury, as well as the mechanism of compensating them. The law guarantees the rights of workers of the private sector.

The Cabinet approved a decision to reorganise the Khalifa Centre for Genetic Engineering & Biotechnology (KCGEB), to be affiliated with the Ministry of Presidential Affairs. The centre will have the legal personality and financial, administrative autonomy required to achieve its goals. The centre will be specialised in developing and implementing research programs in cooperation with federal and local authorities, and providing expert services and scientific advice to government entities and the private sector, and conducting studies and research.

The new Cooperatives Law

The Cabinet adopted the new Cooperatives Law, which adopts the basic principles of cooperatives based on international standards. It includes the establishment of new types of cooperatives, including digital, financial, professional and others. In addition to permitting the inclusion of cooperatives in the financial markets according to specified standards and conditions.

The Community Farming initiative

During the meeting, the Cabinet approved the Community Farming initiative, which targets Social welfare categories including widows, divorced women, elderly, and people of determination. It aims to provide green houses with different spaces to the beneficiaries, in order to maintain food security and sustainability of resources and support family cohesion and increase income.

A healthy learning environment for children

The Cabinet approved the National Child Protection Policy in educational institutions, which aims at ensuring the safety of children, providing a healthy and safe educational environment to protect them from all forms of harm, and ensure the implementation of child protection measures in the educational institution in accordance with the legislation in force in the UAE.

Nursing and Midwifery professions

During the meeting, the Cabinet approved the National Strategy for Nursing and Midwifery professions. The strategy aims to enhance the profession and its sustainability, and ensure proper planning of nursing and midwifery workforce in terms of recruitment and retention in response to the needs and priorities.

The strategy seeks to qualify the nursing and Midwifery staff to engage in evidence-based research and practices that respond to national health priorities and in the development of professional policies and practices and investing in building the leadership capacity of nursing cadres especially during crises and emergencies.

UAE Gender Balance Council Strategy 2022-2026

The Cabinet approved the new strategy of the UAE Gender Balance Council 2022-2026, which includes 4 main pillars: Economic participation, wellbeing, protection and entrepreneurship. It aims to further reduce the gender gap across all sectors, enhance the UAE’s ranking in global competitiveness reports on gender equality and achieve gender balance in decision-making positions, as well as promote the UAE’s status as a benchmark for gender balance legislation.

UAE System for Crowdfunding Platform Operators

The Cabinet also approved the UAE System for Crowdfunding Platform Operators, stressing that the Securities and Commodities Authority (SCA) will be responsible for the regulation governing the activities of crowdfunding platform operators.

The strategy covers all technical aspects associated with the regulation of crowdfunding platform operators. This includes definitions; scope of application; operator licensing requirements; operator obligations towards SCA and investors; financing applicant obligations; and the rights of the investor, the operator, and the financing applicant. The strategy also addresses supervision, inspections, and penalties.

The cabinet also approved a decision to establish a general secretariat for the Emirates Development Council, and a federal law regarding the approval of a supplementary budget to the federal budget of the UAE for the fiscal year 2022.

The Cabinet approved a decision to establish the "Collective Labor Disputes Committee", chaired by Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation.

The committee will consider collective labor disputes referred by the Ministry in which the number of workers exceeds 100 workers. In addition to reviewing a number of reports, the Cabinet approved a number of international agreements with a number of friendly countries, the Republic of Senegal, the Kingdom of the Netherlands, the Russian Federation, the Democratic Republic of Congo, the Republic of North Macedonia and Angola.

WAM