Saturday 21 May 2022

UAE reviews new law on industrial property and patents

DUBAI, January 11, 2022

The UAE Ministry of Economy has announced a review of the new Industrial Property and Patents Law, which forms part of the largest legislative amendments in the UAE’s history that encompasses 50 federal laws in Industrial Property and Patents. 
The new legislation comes with fundamental amendments aimed at enhancing investor confidence and stimulating innovation in vital sectors.
This major economic milestone coincides with the country’s golden jubilee celebrations and strengthens the fundamentals of the UAE’s economic legislation, making it more competitive, flexible, open and able to attract global investments and successful companies in various sectors, especially in the new and future sectors.
Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, pointed out that the UAE had achieved regional leadership in various fields related to innovation and intellectual property.
"Today, we have put in place supportive and stimulating policies to enhance the role of intellectual property in general and industrial property and patents in particular as they are among the main drivers of economic recovery and progress in various sectors," stated Al Falasi.
These are essential pillars in sustainable economic and social development efforts based on knowledge, innovation and creativity in the country, he added.
The minister said the industrial property law was one of the most important initiatives that the Ministry of Economy and its partners had developed in order to drive growth based on knowledge and innovation and support entrepreneurship.
"These efforts fall in line with the vision, principles and projects launched by the UAE government to establish a new phase of growth, both domestically and globally," noted Al Falasi. 
This objective will be achieved by accelerating the transformation towards a new, more flexible and sustainable knowledge-based economic model that keeps pace with the latest economic trends in which innovation, technology, research and development, national competencies, inventors, talents and entrepreneurs are the key drivers of progress, he added.-TradeArabia News Service


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