Sunday, 29 May 2016

UAE - Youth Council endowment includes advice on Intellectual Property

News from Gulf News (here) of the creation of a new endowment for youth projects which includes, amongst many other benefits, advice on intellectual property. The report reads:

"Dubai: An innovative endowment fund to support youth projects was launched on Tuesday by the UAE Youth Council (UAEYC).

Contributing organisations to the endowment will provide services valued at Dh5 million annually, amounting to endowment assets of Dh63 million.

The endowment will bet set up in cooperation with the Mohammad Bin Rashid Global Centre for Endowment Consultancy (MBRGCEC). Unlike traditional endowments that provide financial assistance, this innovative endowment will also allow contributing organisations to provide additional services.

The project will see the contribution of six organisations: In5 innovation centre, Dubai Technology Entrepreneurship Centre, Impact Hub, UAE Barq, Wamda and a group of lawyers established in compliance with Dubai Chamber’s statute.

In5 centre will be offering endowment services to a group of youth projects, services include providing them with a workspace, meeting halls, production studios and technology labs. It will also offer training programmes.

UAE Barq will offer a media platform to support youth projects, such as providing them with advertisement services to promote their projects to a wide audience by using UAE Barq’s various media channels. Youths will also have access to promotional and counselling services from Wamda in order to boost the success of their business.

The Lawyers work group will offer a legal bundle that include training programmes for youth projects that deal with commercial contracts, franchising, intellectual property, commercial and employee-related issues, as well as commercial arbitration. The group will also allocate consultation hours to answer any legal inquiries posed by youths with business projects and ideas.

Shamma Suhail Faris Al Mazroui, Minister of State for Youth, said that the global vision of the endowment, which was launched by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, revived the concept of endowments as a tool for developing societies.

Al Mazroui indicated that youth projects are a key pillar for economies of various societies. She pointed out that the cooperation between the UAEYC and MBRGCEC has created an opportunity for the UAE to be one of the top countries in supporting Emirati youths’ projects by using an innovative endowment that will contribute to the UAE’s economic development.

She thanked all organisations who provided innovative endowment-related solutions that contribute to developing an ideal business environment for youth projects. Al Mazroui expressed her confidence in this innovative project, which will have a prominent impact in boosting the success of youth projects."

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