UAE cabinet approves crowdfunding by public, private sectors

@DXBMediaOffice/ Twitter

The UAE cabinet has authorised the use of crowdfunding by public and private sectors to finance innovative business ideas.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai announced the move  while chairing the last cabinet meeting at Expo 2020 Dubai on Monday.

"Crowdfunding is one of the best tools to support the financing of innovative business ideas... and it will open a door for young people and entrepreneurs," Sheikh Mohammed said on Twitter.

The cabinet also approved a strategy aimed at enhancing the presence of women in leadership positions, in addition to a new law for cooperative societies in the country.

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