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1/25/24, 8:44 AM Ministry of Economy unveils two new projects in the field of IP and entrepreneurship - Middle East News 247
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

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

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