UAE Mulls Major Patent Investment
The United Arab Emirates Ministerial Development Council has discussed the establishment of the International Center for Registration of Patents.
According to the Khaleej Times, the establishment of the Center would reflect the UAE government's emphasis on innovation and competitiveness at various levels in accordance with the UAE National Innovation Strategy launched by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
“The center will enhance the UAE's position as a regional and international destination for intellectual property, making it one of the world's best centers by 2021. It will also encourage citizens to enter the intellectual property sector as experts in the field based on international best standards,” the Times writes.
It’s a very intriguing development, one that could have major reverberations in the global patent community. Emerging markets can be a hotbed of innovation. Over the past few years, we have observed big filing upticks for both patents and trademarks in markets such as India and Brazil. These investments in research and development can change the way the global community views a country, and in turn, how they invest in that country’s future.
If the UAE plans on heavily investing in patents, it could shake up the innovation landscape, and give the region its first major IP player.