Page 220 - MOE ENGLISH PR REPORT - JANUARY 2024

UAE launches projects to boost intellectual property

and entrepreneurship

Omar Abbas 1 day ago
The Ministry of Economy has introduced two innovative projects in the realms of
intellectual property and entrepreneurship, aiming to fortify the nation's commitment to
fostering an environment conducive to intellectual property development and innovation.

These initiatives are designed to stimulate the growth of emerging small and medium-
sized enterprises (SMEs).

The first project involves the establishment of the "Intangible Assets Financing
Committee," with the primary objective of providing essential financial support and
funding for SMEs and emerging companies. The second project, named "Patent
Incubator," is focused on creating an encouraging and supportive environment for
individuals with innovative ideas and talents within the country.

The announcement occurred at an event attended by various stakeholders, including
representatives from federal and local government agencies and the private sector.
Notable attendees included the Ministry of Industry and Advanced Technology, the
Department of Economic Development in Abu Dhabi, the Ajman Department of
Economic Development, and entities like the Advanced Technology Research Council,
Dubai Civil Defense, and Dubai Customs.

Minister of Economy Abdullah bin Touq Al Marri emphasized the UAE's commitment to
developing entrepreneurship and intellectual property sectors in alignment with global
best practices. He highlighted the strategic importance of these sectors in transitioning
towards a knowledge- and innovation-based economic model, in line with the "We Are
the Emirates 2031" vision.

The "Intangible Assets Financing Committee" aims to facilitate startups' access to
essential financial funds, addressing challenges they may face, especially in their initial
years of operation. Minister Al Marri stressed the importance of intangible assets as a
fundamental criterion for startups to secure financial funding, aligning with global trends.

The "Patent Incubator" project focuses on streamlining the patent registration process
across the seven emirates, clarifying roles and responsibilities. This initiative aims to
support innovators, encouraging them to seek intellectual property rights for their
inventions and emphasizing the significance of property protection.

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