Page 28 - MOE ENGLISH PR REPORT - JANUARY 2024

Press Release

Ministry of Economy unveils two new projects in the field of IP and
entrepreneurship to support financing of intangible assets and

increase patent registrations in the country

Launch held in the presence of more than 150 participants including representatives
from a number of federal and local government entities

Abu Dhabi, 24 January 2024:

The Ministry of Economy unveiled two new initiatives in the Intellectual Property (IP) and
entrepreneurship sectors, strengthening the UAE’s efforts to develop the IP and innovation
landscape and stimulate the growth of startups and SMEs in the country. The first one is the
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