Protection and management of industrial property towards achieving technological and industrial development will be given a shot in the arm under a memorandum of understanding (MoU) signed between the Ministry of Economy and the Higher Cooperation for Specialized Economic Zones (ZonesCorp).

Inked by Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy, and Mohammed Hassan Al Qamzi, CEO of ZonesCorp, the MoU underlines the contribution of industry in the economic development.

Al Shehi highlighted the importance of protection of industrial property as a top priority in the ministry's strategy given the fact that the industrial sector is a major pillar of the national economy whose share in the GDP is projected to surge to 25%.

He said synergy among all industry stakeholders, especially those concerned with management and protection of industrial property, will boost efforts aimed at protecting intellectual property and encouraging creativity and innovation thus leveraging the State's policy on building a competitive knowledge-based economic in line with UAE Vision 2021.

Al Qamzi said the MoU will enable them to sharpen the competitive edge of industrial projects through innovation, IT and intellectual property rights.