Page 17 - Ministry of Economy - December 2017

in such a way that ensures the achievement of advanced levels on the Global Innovation
Index to serve the directions of the country.

He added that there are many initiatives and steps that have been developed recently to

establish an incubating environment for innovation and creativity. He noted that these
efforts mostly focus on small- and medium-sized enterprises (SMEs) and newly established

innovative companies. Among the most notable are the Ministry of Economy’s efforts to
collaborate with concerned entities that have members on the Global Innovation Index

Executive Team to advance the ‘Young Innovative Companies’ initiative.

The initiative provides support for fast-tracking the establishment of new innovative

businesses and enabling them to commence work as soon as possible. It also encourages

creative university students to transform their ideas into marketable commercial projects
by providing them with financing facilities and helping them with procedures for

registering patents, licenses, trademarks and other aspects involved in establishing and
doing business.

-Ends-

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