The UAE Ministry of Economy has registered the Investopia Summit as the first trademark after joining the Madrid Protocol for International Trademark Registration as the country seeks to consolidate its position as an intellectual property hub in the region.
The Madrid Protocol is an international system that enables companies to obtain trademark protection in 125 countries and regions through a single application, reducing the cost for businesses and broadening their legal rights.
Registration with the World Intellectual Property Organisation will protect the summit’s trademark in more than 125 countries that are parties to the protocol, the ministry said in a statement on Friday.
“This step will contribute to increasing the number of UAE trademarks protected in foreign markets within the territories of the Madrid Protocol members, who account for more than 80 per cent of the volume of global trade,” Abdullah Al Saleh, undersecretary of the UAE Ministry of Economy, said.
“This will raise the confidence of companies, investors and trademark owners in the country’s markets and the UAE’s overall economic environment.”
The UAE acceded to the Madrid Protocol in September last year to enable business owners in the country to protect their trademarks in more than 125 member countries by submitting an application and paying fees through the ministry's services platform.
The total number of trademarks registered in the UAE between 1992 and April last year stood at 269,189, according to the ministry.
Investopia is one of the events within the first set of the Projects of the 50 developmental and economic initiative announced by the UAE government in 2021. The summit’s inaugural event took place last month along with the World Government Summit.
It aims to increase foreign direct investment flows to the UAE’s new and future sectors to Dh550 billion ($149.76bn) by 2030 and to Dh1 trillion by 2050.
Meanwhile, all companies registered and licensed in the UAE who seek the protection offered by the Madrid Protocol can submit applications to the ministry, the statement said.
The UAE’s intellectual property environment is continuously developing and is one of the most important pillars of the country’s knowledge economy and the new economic model, Mr Al Saleh said.
The Emirates’ accession to the Madrid Protocol will consolidate its position as an intellectual property hub in the region and a destination that offers trademarks to inventors and innovators, he added.