Categories
Uncategorized

UAE: Sheikh Mohammed announces approval of crowdfunding for public, private sector – wknd.

Tuesday, Mar 22, 2022 | Sha'ban 19, 1443
Published: Mon 21 Mar 2022, 4:35 PM
Last updated: Mon 21 Mar 2022, 10:43 PM
The UAE has approved a federal system for crowdfunding platform operators to finance innovative business ideas. The Securities and Commodities Authority will be the regulatory authority for the activity.
Operators from government and private sectors can crowdfund projects, provided they get the necessary permits from the authorities concerned. They have to verify that applicants have a clear work plan.
The system supports the financing of commercial projects, especially small and medium ones.
This came as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired the last Cabinet meeting at Expo 2020 Dubai.
“Crowdfunding is one of the best ways to finance new, innovative business ideas. It will open a door for the youth and entrepreneurs to finance their ideas,” the UAE Vice-President tweeted on Monday.
Crowdfunding is the practice of raising money from a large number of people to fund a project or business.
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.
ALSO READ:
Sheikh Mohammed said the UAE Cabinet has also approved a new law for cooperative societies, allowing them to be listed in financial markets. This will help them get strategic partners.
New types of cooperatives have been announced as well. These include digital, financial, professional and others. “Cooperatives are a successful economic model that can be bettered,” said Sheikh Mohammed.
sahim@khaleejtimes.com
Be in the know. Get the latest breaking news delivered straight to your inbox.
Government
This is to ensure proper care of children and protect them from any risks that would hinder their proper education.
Government1 week ago
Government
Over 500 thought leaders and decision-makers, 4,000 participants to attend World Government Summit 2022 on March 29-30
Government2 weeks ago
Government
Summit to discuss challenges and opportunities of the next 10 years
Government2 weeks ago
Government
This came in response to the international humanitarian appeal to support around 1.2m displaced Ukrainians and refugees.
Government2 weeks ago
Government
Experts noted that the UAE has built a robust digital infrastructure powered by AI to provide services efficiently and effectively
Government2 weeks ago
Government
Entities can grant employees these options, provided work flow is not affected
Government2 weeks ago
Government
On Fridays, they will remain open from 9am to 12 noon
Government2 weeks ago
Government
Federal employees received the Prime Minister's medals in 15 categories, while ministries and federal institutions were honoured in 17 categories
Government2 weeks ago

source

Leave a Reply

Your email address will not be published. Required fields are marked *