Page 212 - MOE ENGLISH PR REPORT - JANUARY 2024

1/25/24, 8:44 AM Latest News
establishment of an ‘Intangible assets finance committee’ with the aim of providing necessary

financial support and financing to SMEs and startups. The second project named ‘Patent

Incubator’ is designed to provide a more encouraging and supportive environment for
intellectuals and talents in the country.

The announcement was made during an event organized by the Ministry, in the presence of

H.E. Dr. Abdulrahman Hassan Al Muaini, Assistant Undersecretary of the Ministry of Economy

for the Intellectual Property Sector, representatives of several federal and local government

entities and the private sector in the country. More than 150 participants, including those from
the Ministry of Industry and Advanced Technology and the Abu Dhabi Department of

Economic Development, Abu Dhabi Executive Office, Ajman Department of Economic

Development, Advanced Technology Research Council (ATRC), Civil Defense-Dubai, and

Dubai Customs attended the event.

H.E. Abdulla bin Touq Al Marri, Minister of Economy, said: "The UAE, under the guidance of
its wise leadership, is committed to the development of the national entrepreneurship and

intellectual property sectors in accordance with global best practices. These sectors are of

strategic importance in our shift towards a new economic model based on knowledge and

innovation. Therefore, the Ministry is focusing on the development and 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

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