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Saudi Arabia launches intellectual property strategy to promote economic growth

It aims to empower innovators and creators in various fields to build a diverse economy

Saudi Arabia launches intellectual property strategy to promote economic growth
[Source photo: Anvita Gupta/Fast Company Middle East ]

To support Saudi Arabia’s economy based on innovation and creativity, Crown Prince Mohammed bin Salman has announced the National Intellectual Property Strategy (NIPST), which is based on four key pillars -– generation, management, commercial investment, and protection of intellectual property. 

According to the Saudi Press Agency (SPA), the kingdom plans to become a pioneer in the industry by developing an intellectual property value chain that promotes economic growth. 

“We have minds and energies that are passionate about innovation and creativity, and by enabling them, the kingdom will be a fertile environment for the knowledge economy,” the Crown Prince said.

To achieve the four key pillars, efforts will be taken to enhance collaboration and integration across national bodies as vital partners to support the new strategy’s objectives. 

“The national intellectual property policy will also stimulate investment, create high-quality employment, and raise awareness of human rights, creators, and innovators,” the Crown Prince added.

The adoption of NIPST would promote the empowerment of innovators in various fields to build an ambitious country and a diverse and prosperous economy for the kingdom.

Moreover, it also aims to attract interested researchers, entrepreneurs, and innovators from Saudi Arabia and worldwide to innovation, creativity, and respect for intellectual property rights.

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