Blockchain
Investment in Intellectual Property Aims to Boost Innovation and Growth in Saudi Arabia
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.
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
Blockchain
Global eCommerce Payments Markets to 2030 | A $612 Billion Opportunity | Blockchain Technology and Cryptocurrencies Reshaping eCommerce by Providing Secure, Cross-Border Payment Solutions
eCommerce Payments Market
Blockchain
Meritrust Credit Union Joins Metal Blockchain’s Banking Innovation Program
Blockchain
Alpha Transform Holdings Announces Strategic Investments in AI
-
Blockchain7 days ago
39% of Canada’s institutional investors have exposure to crypto: KPMG
-
Blockchain6 days ago
Existing Blockchains Can’t Adopt Post-Quantum Cryptography Without Significant User Impact, Says Johann Polecsak
-
Blockchain7 days ago
BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests
-
Blockchain Press Releases2 days ago
CoinRoutes partners with Coinbase International Exchange to improve institutional access to perpetual futures
-
Blockchain Press Releases2 days ago
Bosera HashKey Bitcoin and Ether Spot ETFs Officially Launch on HKEX with Two-Way Investment Flexibility
-
Blockchain3 days ago
RFK Jr.’s blockchain idea, Ethereum ETF approval in question, Bitcoin’s unlikely bull run | Weekly Recap
-
Blockchain7 days ago
FAIRWINDS Credit Union Joins Metal Blockchain’s Banking Innovation Program
-
Blockchain6 days ago
FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers