According to the UAE Ministry of Economy, which was established with the goal of achieving an internationally competitive and diversified UAE economy, the number of business licences linked to creative activities registered in the UAE reached 932,000 by mid-2023 and is forecast to soon exceed one million.
This is part of the overall economic growth of the UAE, and where GDP is expected to reach USD 800 billion by 2030.
Various factors have contributed to this continued economic growth, including:
- the effect of the liberalisation of foreign ownership rules, first introduced with the new Companies Law in 2022 (see https://hadefpartners.com/news-insights/insights/new-uae-companies-law-confirmation-of-relaxation-of-foreign-ownership-restrictions/) which permits 100% foreign ownership in most sectors.
- the UAE's 'Golden Visa' which was launched in 2019 to attract and retain talented professionals, investors, and entrepreneurs in the UAE through a long-term residence visa, and which has contributed to a rapid increase in the UAE population (currently around 11 million); and
In parallel with this growth, the UAE has witnessed significant growth in IP applications in recent years. Between 2022 and 2023, there was:
- 9.6 per cent increase in trade mark applications
- 29.5 per cent increase in "intellectual works registrations"
- 19.5 increase in patent applications (3,415 patent applications in 2023)
This mirrors the increase in IP related activities, whether by foreign IP owners operating in the UAE (either directly, or under a licence or other arrangement) or through the emergence of 'home grown' innovators, creators, and other commercial entities.
In May 2024, the Ministry of Economy stated:
"Intellectual property protection is a priority in the UAE's economic agenda. The country provides all enablers in support of fresh entrepreneurial ideas and innovations, enabling them to establish their businesses and grow them into profitable ventures in the UAE. Entrepreneurs can also benefit from robust technological infrastructure and a range of distinctive and inclusive residence programs tailored for entrepreneurs, investors, and talented individuals."
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