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UAE launches two new IP initiatives
29 January 2024
The UAE Ministry of Economy has launched two new initiatives in the fields of intellectual property and entrepreneurship. This is to strengthen the nation’s commitment to fostering an innovative environment, supporting IP development and encouraging the expansion of startups and small- to medium-sized enterprises (SMEs).
The first initiative is the “intangible assets finance committee,” with the goal of offering SMEs and startups finance options and financial help. It aims to make it easier for these companies to obtain the funding. Meanwhile, the second initiative, “patent incubator,” aims to provide a friendly and encouraging environment for brilliant and gifted people in the nation. Its goal is to create an atmosphere that promotes creativity and makes the creation and defence of patents easier.
According to the UAE Minister of Economy, Abdulla Bin Touq Al Marri, the UAE has considered the growth of the IP and entrepreneurship sectors in line with global best practices. These sectors are critical to the country’s transition to a new economic model built on knowledge and innovation.
Considering this, the ministry is eager to create and launch projects in new economic sectors, particularly in light of the said initiatives. These mark a significant advancement in improving the IP landscape by giving startups expansion opportunities and fostering the expansion of their enterprises, thereby strengthening the UAE’s standing as a preeminent worldwide hub for innovation and entrepreneurship.
Al Marri emphasized that, in keeping with the Ministry of Economy’s strategic directions to achieve leadership and competitiveness in innovation and IP rights, the new initiatives in the IP sector are an extension of the ministry’s ongoing efforts to launch projects and initiatives aimed at improving IP protection and fostering innovation in the state, encouraging SMEs to grow and thrive.
“The foundation of the ‘intangible assets financing committee’ is assisting start-ups’ access to the capital they need to maintain and expand their companies and get beyond any funding obstacles they may encounter, particularly in the early stages of their existence. Additionally, the foundation of our endeavour is our belief that intangible assets are valuable and viable,” said Al Marri.
He also emphasized that the committee is aligned with current international trends, which acknowledge the significance of giving businesses financial support based on their intellectual assets.
To support innovators and encourage them to secure IP rights for their advancements, the minister announced that the “patent incubator” initiative will document the patent registration process in each of the seven emirates and make clear the roles and responsibilities of each. This program will increase the value of their concepts and emphasize how crucial it is to protect the creatives’ and skilled patent holders’ IP. The Ministry of Economy, national scientific research and patent bodies, and IP authorities will work together to carry out the initiative.
- Excel V. Dyquiangco
