ABU DHABI - The United Arab Emirates (UAE) 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, according to the official website of the Ministry.
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.
HE 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 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.”
HE 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.