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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)
    Riyadh - Mohammed al-Mutairi
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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.

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GCC Signs Landmark Electricity Market Connection with Iraq

Deputy Governor of the Eastern Province oversees the signing of a contract for the implementation of the project of linking the Gulf Electricity Market with Iraq (SPA)
Deputy Governor of the Eastern Province oversees the signing of a contract for the implementation of the project of linking the Gulf Electricity Market with Iraq (SPA)
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GCC Signs Landmark Electricity Market Connection with Iraq

Deputy Governor of the Eastern Province oversees the signing of a contract for the implementation of the project of linking the Gulf Electricity Market with Iraq (SPA)
Deputy Governor of the Eastern Province oversees the signing of a contract for the implementation of the project of linking the Gulf Electricity Market with Iraq (SPA)

The Gulf Cooperation Council (GCC) countries signed on Wednesday a contract to implement a project linking the Gulf electricity market with Iraq. The project aims to strengthen energy security and will allow the GCC states to supply Iraq with approximately 3.94 terawatt-hours of electricity annually at competitive prices.
The signing ceremony took place at the Gulf Electricity Interconnection Authority headquarters in Dammam (eastern Saudi Arabia), under the patronage of Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province.
The event also marked the inauguration of an upgrade to the control center systems of the Gulf Electricity Interconnection Authority. The ceremony was attended by the Authority’s CEO, Eng. Ahmed Al-Ibrahim, and the CEO of the Gulf Laboratory Company, Eng. Saleh Al-Omari.
The Deputy Governor launched the upgraded control center systems for the electricity interconnection network, designed to improve the efficiency and flexibility of electricity systems in addressing both current and future challenges.
The upgrade also enhances cybersecurity by adopting advanced technologies that offer high levels of protection against cyberattacks and growing threats, ensuring safe and efficient operations. This initiative is expected to contribute to improved grid stability, boost operational capacity, and support the transition to clean energy.
Prince Saud noted that the project linking Iraq to the Gulf electricity market will help ensure a sustainable energy supply, facilitate local projects, and enhance the stability of Iraq’s electrical grid. This will reduce reliance on costly traditional energy sources and increase the efficient use of available resources.
He added that the project is considered one of the key strategic initiatives that foster economic and social cooperation between the GCC and neighboring countries.
For his part, Al-Ibrahim said that since its launch, the project has successfully prevented any partial or total blackouts in GCC electricity networks by providing immediate emergency support. The interconnected grid, which spans over 1,000 kilometers from Kuwait to Oman, has facilitated more than 2,800 instances of power support since operations began, including over 50 cases of renewable energy loss.
He revealed that the project has so far saved approximately $3.6 billion in costs, compared to the project’s investment and operational expenses, which totaled around $1.5 billion.