Summary: The Kingdom of Saudi Arabia has launched a National Intellectual Property Strategy with the goal of promoting innovation and technical progress in the country and contributing to the growth and diversification of the national economy.

Riyadh, Al Sahafa–(Newsfile Corp. – January 5, 2023) – In the latest development, Saudi Arabia has launched a National Intellectual Property Strategy (NIPST) to encourage and facilitate the creation, development, management, and protection of intellectual property rights. With regard to the financial impact, it is expected to achieve SAR 4.11 billion within 5 years. The country has a favorable investment environment for knowledge-based industries and has put in place a legislative framework to protect intellectual property rights and attract foreign investment in innovation-based projects.

Furthermore, the newly formed policies are aimed at promoting innovation and technical progress in the country, contributing to the growth and diversification of the national economy, and creating high-level job opportunities in advanced technology sectors.

The country has a favorable investment environment for knowledge-based industries and has put in place a legislative framework to protect intellectual property rights and attract foreign investment in innovation-based projects. The Saudi Authority for Intellectual Property has been established to manage the registration and protection of intellectual property rights, and the National Intellectual Property Strategy includes measures to encourage and facilitate the creation, management, commercialization, and protection.

Since it was launched by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Council of Economic and Development Affairs, NIPST aims to boost innovation and technical progress in the country, it encourages and facilitates the creation, management, commercialization, and protection, of intellectual property rights.

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The favorable investment environment and legislative framework of Saudi Arabia are expected to attract foreign investment in innovation-based projects.

NIPST is based on four pillars:

• The IP creation pillar aims to support young talent in the country and enhance the creation of high-value national intellectual property assets.
• The IP administration pillar aims to establish a fast and high-quality registration system to improve the value of intellectual property and ensure effective management of human creativity.
• The IP commercialization pillar will contribute to the growth and attraction of investments in the Kingdom.
• The IP protection pillar aims to stimulate the market economy through the protection of creative rights.

To achieve these pillars, NIPST aims to enhance cooperation and integration between national entities as key partners to support its objectives. Each pillar will have initiatives assigned to government agencies and will be measured periodically according to a governance framework that defines roles and responsibilities.

Consequently, the Kingdom focuses on diversifying its economy to attract more investment, through the development of new projects such as the $500 billion futuristic city Neom.

Company Name: Saudi Authority for Intellectual Property
Contact Name: Hala adb
Email: [email protected]
Website: https://saip.gov.sa/
Country: Riyadh 13321, Al Sahafa District, Olaya Street 6531, 3059

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150427

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