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FINANCIAL NEWS
UAE loses USD136m anually to commercial fraud
21 May 2012
(MENAFN) Head of Intellectual Property Rights (IPR) protection in the UAE, Dr Abdul Qaddus Al Obaidli, said that the country suffers from losses amounting to USD136 million on a yearly basis due to commercial fraud, reported Emirates 24/7.
Al Obaidli said that commercial counterfeit is taking place with a wide range of items including automobile spare parts, cosmetics, electric appliances, software and tobacco among others.
Al Obaidli noted that software companies in the world annually lose around USD35 billion due to piracy. He urged the UAE authorities to protect trademarks, patents and copyrights.
It is worth noting that the UAE ranks at the top of the Arab World when it comes to IPR protection.
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