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UAE Introduces Program To Bolster Intellectual Property

The launch of the IP Ecosystem program will protect creators, boost growth, and attract foreign investment amidst a surge in trademark filings.

Published

6 months ago

February 8, 2024

Nour Nasir

uae introduces program to bolster intellectual property

UAE Ministry Of Economy

The UAE’s Ministry of Economy has unveiled a program geared towards enhancing the protection of intellectual property, amidst a notable uptick in trademark filings within the UAE.

The IP Ecosystem initiative is poised not only to assist inventors and innovators in safeguarding their creations but also to serve as a driver of growth, attracting increased foreign investment, stated Minister of the Economy Abdulla bin Touq on Wednesday.

“The UAE recognizes the importance of putting in place an integrated legislative framework that promotes and encourages creativity, innovation and comprehensive intellectual property protection for talented individuals, skilled professionals, creators, innovators and entrepreneurs in the country,” explained Minister of the Economy Abdulla bin Touq.

The program is also aligned with the UAE’s vision of becoming a global hub for the new economy and the most prosperous society worldwide by 2031. The IP Ecosystem program is underpinned by 11 initiatives encompassing pivotal economic and creative sectors of the UAE, including bolstered backing for new technologies alongside student outreach endeavors.

Upgrading the protections afforded under IP laws and facilitating growth for research and development-centric projects are core tenets of the new initiative. Additionally, the UAE government aims to elevate ministry services, particularly in artificial intelligence, positioning them as nationally marketable products on the international stage.

Also Read: Declining Gaming Revenues Bring Middle East Opportunities

With the UAE prioritizing the advancement of creators and innovators as part of its new economy agenda, there has been a substantial surge in trademark applications during 2023. Ministry of Economy data revealed a nearly 10% year-on-year increase in trademark application filings.

Moreover, registered trademarks experienced an uptick of nearly 3%, while registrations for intellectual works soared by a massive 29.5%. Patent applications also witnessed a robust annual surge of 19.5%, totaling 3,415 last year.

The UAE’s legislative and policy strides in recent years have led to substantial expansion in the new economy sectors, with an increasing number of individuals and companies capitalizing on the nation’s growth potential. As of November, the ministry reported that the tally of business licenses tied to creative activities registered in the country had reached 932,000 by the close of the first half of 2023.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.