His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued the Dubai International Financial Center (DIFC) Law No. 4 of 2019 on Intellectual Property at the Center.
The new law affirms the Center's commitment to the application of the highest international standards and practices and covers patents, utility certificates, registration of designs, industrial designs, copyrights, trademarks, trade names and trade secrets.
The new law gives global institutions, startups and individuals a stable and free environment that enables them to innovate with confidence.
new law
In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued the DIFC Law No. 4 of 2019 on Intellectual Property at the Center, to be effective as of Thursday. ).
The new law confirms the commitment of the Dubai International Financial Center (DIFC), which ranks 8th globally according to the Global Financial Centers Index and the first financial center in the Middle East, Africa and South Asia, to implement the highest international standards and practices. Global financial protection of their intellectual property rights, providing a safe environment that stimulates creativity and innovation within the financial center.
The proposed law covers patents, utility certificates, registration of designs, industrial designs, copyrights, trademarks, trade names and trade secrets, in line with international agreements and best practices.
Key elements
The new intellectual property law includes a number of key elements, including: recognition of trademarks, patents, utility certificates, industrial designs registered in the UAE, and includes the rights granted to each type of intellectual property rights, restrictions on such protection, and criteria for determining ownership Patents and copyrights in labor relations, establishment of an Office of the IP Commissioner who will be responsible for administering the proposed law, resolving disputes, imposing fines, as well as penalties and remedies for infringement of intellectual property rights, Intellectual property, and the Court of the Dubai International Financial Center issues in violation of the intellectual.
Innovation and creativity
Essa Kazim, Governor of the Dubai International Financial Center (DIFC), said: “Providing an appropriate regulatory environment for companies and investors within the DIFC is our top priority. The new law confirms our commitment to strengthen our legislative infrastructure from our regional hub for innovation and creativity, with the aim of giving global institutions, startups and individuals a stable and free environment that enables them to innovate confidently and develop innovative solutions in the Middle East, Africa and South Asia through Dubai. ''
Intensive studies
The new law is the result of extensive studies and international benchmarking, as well as public consultations, which have helped to shape this law, to ensure that the DIFC remains the most advanced and business-friendly legal authority in the region.