The UAE Ministry of Economy has launched two innovative initiatives aimed at bolstering intellectual property (IP) development and entrepreneurship in the country. These initiatives underscore the nation’s dedication to nurturing an environment conducive to innovation and supporting the growth of startups and small- to medium-sized enterprises (SMEs).
The first initiative, the “intangible assets finance committee,” is designed to provide SMEs and startups with access to finance options and financial assistance, thereby easing the funding process for these entities.
The objective is to facilitate funding for companies in need, particularly during the early stages of their development. Meanwhile, the second initiative, the “patent incubator,” aims to create a supportive and encouraging environment for talented individuals in the UAE, fostering creativity and simplifying the process of patent creation and defense.
According to UAE Minister of Economy, Abdulla Bin Touq Al Marri, the country recognizes the importance of fostering growth in the IP and entrepreneurship sectors in alignment with global best practices. These sectors are pivotal to the UAE’s transition to a knowledge-based economic model driven by innovation.
In pursuit of these goals, the ministry is eager to launch projects in new economic sectors, with a focus on the aforementioned initiatives. These initiatives represent a significant step forward in enhancing the IP landscape, providing startups with opportunities for expansion and contributing to the UAE’s reputation as a leading global hub for innovation and entrepreneurship.
Al Marri highlighted that these initiatives are part of the ministry’s ongoing efforts to improve IP protection and foster innovation, with a specific focus on supporting the growth of SMEs. He emphasized the importance of the “intangible assets financing committee” in facilitating access to capital for startups, particularly in their early stages, and underscored the value of intangible assets in driving business success.
Furthermore, Al Marri noted that the committee aligns with international trends that recognize the importance of providing financial support to businesses based on their intellectual assets. In addition, to support innovators and encourage them to secure IP rights for their advancements, the ministry will document the patent registration process in each of the seven emirates and clarify the roles and responsibilities of relevant stakeholders.
This initiative aims to underscore the value of protecting intellectual property and will involve collaboration between the Ministry of Economy, national scientific research and patent bodies, and IP authorities.
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