Page 209 - MOE ENGLISH PR REPORT - JANUARY 2024

1/25/24, 8:44 AM Ministry of Economy unveils two new projects
establishment of projects in the new economic sectors. The ‘Intangible assets financing
committee’ and the ‘patent incubator’ projects are latest examples in this regard, and they

mark a milestone in the development of the national IP landscape, providing more growth

opportunities for startups. It will help enhance the UAE's position as a leading global
platform for entrepreneurship and innovation in line with the ‘We the UAE 2031’ vision.

He added: "The Ministry of Economy’s latest projects in the IP Sector build further on its

efforts to launch initiatives and projects aimed at enhancing IP protection, thus
encouraging SMEs to grow and prosper in line with the Ministry's strategic objectives for

the sector.”

H.E. Bin Touq explained that the main objective behind the establishment of the ‘Intangible

assets financing committee’ is to facilitate startups’ access to essential financing. It will

support their growth and address any financing challenges they may encounter,
particularly during their initial years of operation. The project recognizes the value and

significance of intangible assets, which serves as a crucial foundation for these
companies' eligibility to secure funding. The Minister of Economy also highlighted that the

establishment of this committee aligns with the global trend that enables startups to obtain

financing based on the value of their intangible assets.

In addition, H.E. explained that the ‘Patent Incubator’ project deals with the documentation

of the patent registration process in all seven emirates. It clarifies all roles and

responsibilities involved in obtaining intellectual property rights. The project will provide
support to innovators and encourage them to apply for patents, thus protecting their

inventions and enhancing the value of their ideas. The implementation of the project will
be a collaborative effort between MoEc and other competent authorities and organizations

involved in intellectual property, scientific research, and patents in the country.

The Intangible assets finance committee will offer comprehensive assistance to SMEs in
the UAE, thus enhancing their competitiveness and sustainability. Additionally, the project

seeks to introduce international best practices, strengthen SME-financing in the country,
and facilitate the growth of their businesses. As such, the project plays a crucial role in

solidifying the UAE's position as an investment-friendly market that fosters production,

growth, and venture capital practices.

https://www.zawya.com/en/press-release/government-news/ministry-of-economy-unveils-two-new-projects-fdf8t41h 3/4