The UAE Ministry of Economy has introduced two new initiatives in the fields of intellectual property and entrepreneurship, aimed at enhancing the country’s commitment to fostering an innovative environment, supporting intellectual property development, and promoting the growth of startups and small to medium-sized enterprises (SMEs).
The first initiative involves the establishment of the “Intangible Assets and Finance Committee,” which aims to provide financial support and funding opportunities specifically tailored to SMEs and startups. The committee’s primary objective is to facilitate access to necessary financial resources for these businesses.
The second initiative, called the “Patent Incubator,” focuses on creating a nurturing and supportive ecosystem for intellectuals and talented individuals within the country. The aim is to provide an environment that encourages innovation and facilitates the development and protection of patents.
These announcements were made during a Ministry-organized event attended by His Excellency Abdulrahman Hassan Al Muaini, assistant undersecretary for Intellectual Property Rights at the Ministry of Economy. Also in attendance were various stakeholders and representatives from federal and local government agencies, as well as the private sector, including notable organizations such as the Ministry of Industry and Advanced Technology, Abu Dhabi Department of Economic Development, Abu Dhabi Executive Office, Ajman Department of Economic Development, Advanced Technology Research Council, Dubai Civil Defence, and Dubai Customs. The event attracted over 150 participants.
UAE’s focus on entrepreneurship and intellectual property
His Excellency Abdulla Bin Touq Al Marri, UAE minister of economy, said that the UAE, under the guidance of its wise leadership, has paid great attention to the development of the entrepreneurship and intellectual property sectors in accordance with international best practices, as strategic sectors to shift towards a new economic model based on knowledge and innovation.
In this context, the Ministry is keen to develop and establish projects in new economic sectors, especially since the iniatives “Intangible Assets “Financing Committee and “Patent Incubator” represent a new step towards enhancing the intellectual property environment, providing growth opportunities for start-ups and supporting the growth of their businesses, enhancing the UAE’s position as a leading global platform for entrepreneurship and innovation, in light of the vision “We the UAE 2031”.
Ministry’s efforts to enhance intellectual property protection
Al Marri stressed that the new initiatives of the Ministry of Economy in the Intellectual Property Sector are a continuation of its efforts to launch initiatives and projects aimed at enhancing intellectual property protection and stimulating innovation in the State, encouraging SMEs to grow and thrive, in line with the Ministry’s strategic directions to achieve leadership and competitiveness in innovation and intellectual property rights.
Al Marri further explained: “‘The Intangible Assets Financing Committee’ is based on facilitating access by start-ups to financial financing necessary to sustain and grow their business and resolve any financing challenges that they face, especially in the early years of their operation. This project is also based on our vision of the value and viability of intangible assets as a key pillar of these companies’ entitlement to financial financing.”
He highlighted that the this committee aligns with the prevailing global trends that recognize the importance of providing startups with financial support based on their intangible assets.
The Minister announced that the “Patent Incubator” initiative will encompass the documentation of the patent registration process in the seven emirates, clarifying the roles and responsibilities of each, with the aim of supporting innovators and encouraging them to secure intellectual property rights for their advancements. This initiative will enhance the value of their ideas and underscore the importance of safeguarding the intellectual property of creators and talented patent holders. The project will be executed through collaboration between the Ministry of Economy, intellectual property agencies, and scientific research and patent organizations in the country.
Recognizing the value of intangible assets
Specifically, the “Intangible Assets Financing Committee” initiative seeks to offer comprehensive support to SMEs in order to boost their competitiveness and ensure their sustainability in the UAE market. It aims to incorporate international best practices, strengthen the national model for SME financing, and provide diverse avenues for their business growth. By doing so, the project reinforces the country’s status as an investment environment that fosters production, growth, and encourages investors to endorse talented individuals and believe in their ideas and innovations.
Meanwhile, the ‘Patent Incubator’ will contribute to increasing the registration rate of patents in research and innovation centers. It will provide support to innovators, talented individuals, and creators by fostering synergy with relevant sectors such as scientific research, intellectual property, and SMEs.
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