Page 29 - MOE ENGLISH PR REPORT - JANUARY 2024

Press Release

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-owners.

The Ministry of Economy offers both individuals and companies the convenience of registering
their patents and industrial design applications online via its official website. The registration page
can be accessed by visiting the following link:
https://services.economy.ae/m/Pages/CategoryServices.aspx?CategoryID=14&lang=ar-AE.
This website provides a range of services, including the option to submit a request for patent
registration, utility model registration, and industrial design application.

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