MoE to launch seven major initiatives during UAE Innovation Month 2022

H.E. Bin Touq: New initiatives will improve our innovation environment, enhance the UAE’s status as a hub for innovative practices, and help achieve goals for the next 50

- The Ministry of Economy announced that it will take part in this year’s UAE Innovation Month themed ‘UAE Innovates 2022’, with the launch of seven major initiatives. The new initiatives have been designed with an aim to consolidate a culture of government innovation in the county; enhance community participation in creating leading experiences and initiatives to be integrated into the UAE's future plans; and enhance the efforts to build a diversified, competitive and sustainable economy.

H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy, said: “Thanks to the vision and directives of our wise leadership, the country has developed a culture of innovation over the past decade. Today, this culture is evident in the functioning of incubators, policies, institutions, and leading digital infrastructure that support innovation. The UAE has succeeded in enhancing its reputation as a future hub that embraces emerging technologies and innovative business models.”

He added: “The government's efforts to promote innovation in our development policies and future projects for the long term continue in partnership with the private sector. The private sector is an essential pillar of the principles and projects of the 50 and the UAE Centennial 2071 in the creation of a dynamic economic model that is more flexible and competitive and capable of attracting and retaining talents and creative minds.”

The seven initiatives by the Ministry of Economy in connection with the UAE Innovation Month 2022 are the following.

• Re-designing and development of Ministry services

 This project aims to re-design MoE’s services to meet the evolving needs and requirements of customers, including individuals, companies, investors, innovators, businessmen among others, in accordance with a new perspective. It includes the re-designing and improvement of various phases of service delivery to offer a distinctive and leading customer experience and innovative, effective economic services, which will enhance customer satisfaction and the quality of life in the UAE. The project invests in national human resources to develop services in accordance with the best technologies and innovative solutions, optimizing the use of smart and digital infrastructure, keeping pace with technological developments in the country. Furthermore, it supports the UAE’s new economic model in line with the principles and projects of the 50.

• Minister of Economy Award for Innovation

The launch of the ‘Minister of Economy Award for Innovation’ by MoE aims to raise awareness on the importance of innovation and enhance the practice and culture of innovation and competitiveness among employees along with the participation of the Ministry's customers. The award will encourage the creation of innovative solutions to address the challenges in the Ministry's sectors and fields of work; propose applicable innovative projects; increase and develop MoE smart services for the public; motivate innovation in the work environment; and help develop the talents at the Ministry.

• Post-Covid Economy Competition

In connection with the innovation month, MoE will also launch the ‘Post-Covid-19 Economy Competition’ to motivate university students to be creative and innovative in developing a vision for the future of the UAE economy after the Covid-19 pandemic. The competition, which will be launched in coordination with the Ministry of Education, aims to enhance the role of youth in the UAE’s economic plans and motivate university students to contribute to the development of new ideas and creative, innovative economic projects, which will raise the country’s ranking on the Global Innovation Index and enhance its competitiveness in the youth, talent and entrepreneurial ideas indicator.

• UAE Innovators

MoE will organize an open panel discussion on the sidelines of Expo 2020 Dubai featuring several innovators from the UAE to highlight the country’s efforts and initiatives in motivating innovators. The session will also highlight the facilities the UAE provides for business development and the projects that are based on innovation, creativity and new inventions, as well as the opportunities and challenges facing innovators in the country, the facilities provided by the government, and the impact of innovation in different areas of work.

• MoE’s Youth Council initiative, review of innovative projects & young talents

 During the UAE Innovation Month 2022, the Youth Council of the Ministry of Economy will organize an exhibition showcasing a number of innovative project owners and young talents, with an extensive participation from the youth, students and graduates, both citizens and residents. The exhibition will review their innovative projects, talents and success stories to discover new talent and innovators; motivate the youth and support innovative entrepreneurs and young talents by empowering them and providing them with the opportunity to showcase their work before wider audiences.

• Trade Finance Portal

The Trade Finance Portal is an online platform launched by the Ministry of Economy in cooperation with the Etihad Export Insurance and several local and international banks and government entities. The portal aims to facilitate the issuance of insurances and financing for doing business and reducing costs. The initiative supports the ease of doing business in the country by providing innovative financing tools and facilitating the activities of companies operating in various fields of trade and manufacturing in the country. The initiative helps expedite the performance of business, reduce costs, serves as a link between various authorities and reduces risks to the financial sector in the country. Thus it contributes to raising the national GDP and increasing the country's trade exchange with global markets, in addition to enhancing the attractiveness of the UAE markets for business.

• Industrial Property Guide

The Industrial Property Guide is an interactive online guide targeted at inventors, academic and research institutions, and startups. The guide provides information on various kinds of protections offered by the Innovation Development in Economy and patent services offered by MoE such as innovation patents or utility certificates, industrial models and designs, and other documents related to new inventions and innovations. The guide helps clarify and facilitate the procedures required from the inventor’s side to register his/her industrial property; raise the quality of individuals’ applications; and raise the community’s awareness on intellectual property, patent applications and services available, which will lead to an increase in the number of innovators and patents in the country.