The UAE Ministry of Economy announced a new committee that aims to provide financing to small and medium-sized enterprises (SMEs) and start-ups.
The “Intangible Assets Finance Committee” will provdie the necessary financial support and financing to SMEs and startups, a statement on late Wednesday said.
The entity’s main focus is to facilitate startups’ access to essential financing by supporting their growth and address any financing challenges they may encounter, particularly during their initial years of operation.
The UAE Minister of Economy, H.E. Abdulla bin Touq Al Marri, said in a statement this entity aligns with the global trend that enables startups to obtain financing based on the value of their intangible assets.
“These sectors are of strategic importance in our shift towards a new economic model based on knowledge and innovation,” said The Minister of Economy.
“Therefore, the Ministry is focusing on the development and establishment of projects in the new economic sectors,” he added.
Through financing these start-ups, the committee is enhancing their competitiveness and sustainability. Moreover, the Intangible Assets Finance Committee will introduce international best practices, strengthen SME-financing in the country, and facilitate the growth of their businesses.
The Ministry said in a statement that the project provides an investment-friendly market that fosters production, growth, and venture capital practices.
In addition to the Intangible Assets Finance Committee, the ministry has also set The ’Patent incubators’ project to boost patent registration rate at research and innovation centers and streamline the procedure for obtaining patent rights.
The project offers assistance to innovators, talents, and creative people by fostering collaborations with scientific research community, intellectual property rights, and SME-owners.
“The ‘Intangible assets financing committee’ and the ‘patent incubator’ projects are latest examples in this regard, and they mark a milestone in the development of the national IP landscape, providing more growth opportunities for startups. It will help enhance the UAE’s position as a leading global platform for entrepreneurship and innovation in line with the ‘We the UAE 2031’ vision,” explained the minister.