By Sam Bridge
Law creates office of the Commissioner of Intellectual Property who will be responsible for resolving disputes and imposing fines, sanctions
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Wednesday enacted a new DIFC Intellectual Property Law to cover the world’s eighth ranked international financial centre.
The proposed law covers patents, utility certificates, industrial designs and drawings, copyright, trademarks, trade names and trade secrets in line with international treaties and best practices.
The new Intellectual Property Law, which will come into effect on Thursday, includes the creation of the office of the Commissioner of Intellectual Property who is responsible for administering the law, resolving disputes and imposing fines, sanctions and remedies for intellectual property infringement.
A statement said the law aims to create a safe environment for creativity and innovation.
Essa Kazim, governor of DIFC, said: “One of our top priorities in DIFC is to ensure our stakeholders and businesses have the appropriate regulatory environment to operate in or from the Centre.
"In line with our positioning as a regional hub for innovation and creativity, the new enacted law will re-affirm our commitment to continuously enhancing our legislative infrastructure in order to give leading global institutions, start-ups and individuals the certainty and freedom they need to innovate with confidence and develop creative solutions within the MEASA region, through Dubai.”
He added that the new law was subject to substantial research and global benchmarking, as well as thorough public consultation.