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UAE Economy Unveils Two New Projects of Intellectual Property And Entrepreneurship

The Ministry of Economy announced on the 23rd of January 2024, two new projects in the fields of intellectual property and entrepreneurship, as part of the UAE's efforts to develop the intellectual property and innovation environment and stimulate the growth of start-ups and small and medium companies.

The first project includes the establishment of the "Non-Tangible Assets Financing Committee", with the aim of providing the necessary financial support and financing for small and medium companies and start-ups. The second project, which is the launch of the "Patent Incubator", focuses on providing a supportive and encouraging environment for idea and talent owners.

The announcement was during an event organised by the ministry, attended by Dr. Abdulrahman Hassan Al Manei, Assistant Undersecretary for the Intellectual Property Sector at the Ministry of Economy, and representatives from a number of federal and local government entities and the private sector in the state. The event was attended by over 150 participants.

UAE Minister of Economy Abdullah bin Touq Al Marri said “the UAE has attached great importance to the development of the entrepreneurship and intellectual property sectors in accordance with the best international practices”.

He added, the ministry is keen to develop and establish projects in the new economic sectors. In particular, the "Non-Tangible Assets Financing" and "Patent Incubator" projects represent a new step towards strengthening the intellectual property environment, providing growth opportunities for start-ups and supporting their business growth, which will enhance the UAE's position as a leading global platform for entrepreneurship and innovation, in line with the UAE 2031 vision.

Minister Al Marri also confirmed that the "Non-Tangible Assets Financing Committee" project is based on facilitating the access of start-ups to the necessary financial funding to maintain their continuity and growth, and to solve any financial challenges they face, especially in the first years of their operation.

It also contributes to providing the best international practices, enhancing the national model in financing small and medium enterprises, and providing all means for their growth, which supports the consolidation of the country's position as an investment environment that enhances production and growth, and encourages investors to support talented people and believe in their ideas and innovations.

Minister Al Marri added that the "Patent Incubator" project includes documenting the process of registering patents in the seven Emirates, and clarifying all the roles and responsibilities associated with it.

This project will be implemented in cooperation between the Ministry of Economy and the entities and bodies concerned with intellectual property, research and development, and patents in the state.

On the other hand, the "Patent Incubator" project will contribute to increasing the registration rate in research and innovation centres to obtain patents, through integration with the concerned sectors, such as the research and development, intellectual property, and small and medium companies sectors.

Edited by Chloe Mansola

Knowledge Based Entrepreneurship Day by Team Academy Euskadi is licensed under CC BY-SA 2.0 DEED


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