The Dubai International Financial Centre unveiled new intellectual property rights regulations that came into effect on Monday as part of efforts to maintain a transparent legal and regulatory framework.
The move supports its focus on fostering innovation by identifying and protecting IP rights, which are of key importance to technology and start-up companies, the financial district's authority said on Tuesday.
"IP regulations have been approved by the DIFC Authority's board of directors and issued under the Intellectual Property Law, DIFC Law No 4 of 2019 (IP Law), facilitating the administration and enforcement of the DIFC IP Law," it said.
The DIFC’s IP law and regulations will enhance and complement the UAE’s existing intellectual property laws by "working with the federal regime and DIFC legal framework, common law principles and the certainty provided by binding legal precedent created by the DIFC Courts," the authority said.
A consultation process featuring a draft of the laws was held in April.
The UAE has enacted various regulatory measures to create a more attractive business environment – from easing visa requirements to relaxing company ownership rules as it seeks to draw more foreign investment and high-skilled talent.
The DIFC IP regulations outline the process and requirements for filing intellectual property infringement complaints and holding inspections and investigations in relation to breaches of the IP law.
The regulations also establish a Register of Experts that the Commissioner of Intellectual Property may appoint to assist in the investigation of a complaint.
They also allow the commissioner to co-operate with relevant federal and local authorities in the UAE for the joint protection of IP rights across each of their respective jurisdictions.
The DIFC is ranked as the biggest finance centre in the Middle East and Africa and the 19th biggest worldwide, according to the Global Financial Centres Index ranking published in March.
It registered a 20 per cent increase in the number of companies last year, bringing the total number of businesses operating in the centre to 2,919 – 915 of which are financial entities.
New members that joined last year included Spain's Caixabank, insurer AfricaRe and India's Tata Asset Management.
