Experts to Asharq Al-Awsat: Saudi Intellectual Property Strategy to Generate Initiatives, Attract Quality Investments

Saudi Arabia moves towards diversifying sources of income and growing the national economy through non-oil output (Asharq Al-Awsat)
Saudi Arabia moves towards diversifying sources of income and growing the national economy through non-oil output (Asharq Al-Awsat)
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Experts to Asharq Al-Awsat: Saudi Intellectual Property Strategy to Generate Initiatives, Attract Quality Investments

Saudi Arabia moves towards diversifying sources of income and growing the national economy through non-oil output (Asharq Al-Awsat)
Saudi Arabia moves towards diversifying sources of income and growing the national economy through non-oil output (Asharq Al-Awsat)

Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the launch of the National Intellectual Property Strategy to support the Kingdom’s economy based on innovation and creativity.

According to analysts, the Strategy will push the Saudi economy towards growth and development, enhance the domestic product, bring quality investments to the Kingdom, and generate initiatives and job opportunities.

“This strategy will promote the Saudi economy’s growth and development as it will lead towards innovation and the discovery of hidden potentials in the knowledge, digital and bold economy,” said Muhammad bin Dulaim Al-Qahtani, Professor of Economics at King Faisal University.

“It will also push Saudi sectors towards competitiveness and strengthen the Kingdom’s external position in preserving intellectual property rights,” added Al-Qahtani.

Al-Qahtani also noted that the Strategy will also attract dreamers and innovation lovers to Saudi Arabia.

Moreover, the Strategy will make the Kingdom compete with developed countries in embracing ideas and innovators.

Al-Qahtani indicated that the strategy will lead the Saudi economy towards knowledge, pointing out that the knowledge economy is equivalent to triple the regular economy.

“The launch of the Strategy will contribute to supporting economic growth and social development and protecting the national economy from losses estimated at more than SAR 11 billion ($2.9 billion),” said Essam Mustafa Khalifa, member of the Saudi Economic Association.

Most of the loss referred to by Khalifa can be traced back to the piracy of computer programs and literary works and commercial fraud.

“The Strategy will also contribute to supporting and unifying efforts of sectors concerned with intellectual property rights, including the judicial authorities,” added Khalifa.

Khalifa stressed that Saudi Arabia seeks to produce legislation regarding various types of intellectual property, especially that the Kingdom is a member of the main international conventions related to intellectual property rights.

He pointed out that the Kingdom enacted several previous laws in the field of intellectual rights protection, including the trademark system, the commercial fraud prevention system, the patent system and copyright protection, and the trade names system.



Bitcoin Jumps to Record on Institutional Investor Demand

FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025.   REUTERS/Steve Marcus/File Photo
FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025. REUTERS/Steve Marcus/File Photo
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20

Bitcoin Jumps to Record on Institutional Investor Demand

FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025.   REUTERS/Steve Marcus/File Photo
FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025. REUTERS/Steve Marcus/File Photo

Bitcoin rallied to an all-time high on Friday, powered by demand from institutional investors and crypto-friendly policies from US President Donald Trump's administration.
The world's largest cryptocurrency rose to a peak of $116,781.10 in the Asian session on Friday, taking its gains for the year so far to more than 24%. It was last trading at $116,563.11, Reuters said.
"Bitcoin's new all-time high is being driven by relentless institutional accumulation - major players are scooping up supply and drying up liquidity on exchanges," said Joshua Chu, co-chair of the Hong Kong Web3 Association.
In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Chair Paul Atkins and White House artificial intelligence czar David Sacks.
Trump's family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, an SEC filing on Tuesday showed.
Ether, the world's second-largest cryptocurrency, similarly jumped nearly 5% to $2,956.82, after earlier hitting a five-month high of $2,998.41.