Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the launch of the National Intellectual Property Strategy (NIPST) to support the Kingdom’s economy based on innovation and creativity. This strategy is one of the possibilities to achieve the objectives of the Kingdom’s Vision 2030, which aims to establish an intellectual property (IP) system supporting an economy based on innovation and creativity, by establishing a chain of IP value that boosts the competitiveness of innovation and creativity and supports economic growth for the Saudi Kingdom to become a leader in the field of IP.
The Crown Prince affirmed his aspirations to drive creativity and innovation through NIPST in the Kingdom over the next five years, following Cabinet’s decision to adopt the National Intellectual Property Strategy. “We have passionate minds and energies for innovation and creativity, and by enabling them, the Kingdom will be a fertile environment for the knowledge economy through an integrated intellectual property system that supports the development of technologies and innovative industries and helps businesses grow,” the Crown Prince said.
NIPST is based on four fundamental pillars: generation or creation of IP, management or administration of IP, commercial investment and protection of IP. IP generation has become one of the pillars of the strategy due to its great importance and contribution to the creation of IP assets with economic and social value. The “management” pillar aims to increase the value of intellectual property by setting up a fast and high-quality registration system with the aim of ensuring the effective management of human creativity. Commercial investments will contribute to growth and improve the attractiveness of the Kingdom for future international investments.
This is part of the Kingdom’s investments in cities and future projects based on innovation and creativity, such as The Line, Oxagon or Sindalah, which benefit from a privileged geographical location and strong digital infrastructure. As for the pillar of intellectual property protection, it aims to activate the market economy through the protection of intellectual property. It works to respect intellectual property rights and to promote their protection of creative rights.. In an attempt to achieve these pillars, it will strive to foster cooperation and integration between national entities as a key partner in supporting the objectives of the new strategy.
The International Monetary Fund indicated in its report on the world economy that the capital of Saudi Arabia will grow by 7.6% in 2022 and 3.7% next year, after a growth of 3.2 % Last year, thanks to higher oil prices and efforts to mitigate the impact of the coronavirus pandemic, according to data in the October outlook. In the third quarter of 2022, the national economy will grow by 8.8 percent year-on-year, aided by rapid growth in oil and non-oil activities, according to the latest data from the General Statistics Authority.
“The National Intellectual Property Strategy will also boost investment, create high-quality jobs and educate creators and innovators on human rights”, added the crown prince. The adoption of NIPST supports the empowerment of male and female creators in various fields to build an ambitious nation and a diverse and prosperous economy for Saudi Arabia and to attract interested researchers, entrepreneurs and innovators to the Saudi Kingdom. and around the world through innovation, creativity and respect for intellectual property rights.
The Saudi kingdom is developing new projects, such as a $500 billion futuristic smart city, and other developments, as it continues to focus on diversifying its economy and attracting more investment into the country, which is expected to be fully self-sufficient in energy, will have 4.0 technology for greater efficiency in its electricity spending and will provide in turn many facilities to his fellow citizens in the years to come.