Page 215 - MOE ENGLISH PR REPORT - JANUARY 2024

1/25/24, 8:44 AM Ministry of Economy unveils two new projects in the field of IP and entrepreneurship to support financing of intangible assets and i…
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
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.

The ’Patent incubators’ project will contribute to boosting patent registration rate at research
and innovation centers and streamline the procedure for obtaining patent rights. This project
will also offer assistance to innovators, talents, and creative people by fostering
collaborations with scientific research community, intellectual property rights, and SME-

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