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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

7 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

Paymob Extends Series B Funding To $72M Amid Continued Growth

The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.

Published

18 hours ago

September 12, 2024

Nour Nasir

paymob extends series b funding to $72 million amid continued growth

Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.

The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.

This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.

Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.

Also Read: Zoho Expands Qatar Operations & Releases New Survey Data

The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.

Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.