The UAE Ministry of Economy has unveiled two new initiatives in the Intellectual Property (IP) and entrepreneurship sectors, that will aim to stimulate the growth of startups and small and medium enterprises (SMEs) in the country.
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.
Intangible assets finance committee
The UAE will set up a special body to facilitate access to essential financing for SMEs and startups. The body is expected to support their growth and address any financing challenges they may encounter, particularly during their initial years of operation.
“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,” said H.E. Abdulla bin Touq Al Marri, Minister of Economy.
“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 Minister of Economy also highlighted that the establishment of the committee aligns with the global trend that enables startups to obtain financing based on the value of their intangible assets.
Patent incubator
The second project launched by the Ministry of Economy is the ‘Patent Incubator’, which will aim to boost the patent registration rate at research and innovation centres and streamline the procedure for obtaining patent rights.
The project will deal with the documentation of the patent registration process in all seven emirates. It will also offer assistance to innovators, talents, and creative people by fostering collaborations with the scientific research community, intellectual property rights, and SME owners.
“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,” H.E. Bin Touq added.
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 two projects are the latest in a series of initiatives the UAE has launched, as part of its journey towards becoming an “entrepreneurial nation” in less than ten years. The UAE aims to produce 10 unicorn start-ups by 2031 and rank in the top three of the Global Entrepreneurship Index.
