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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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Non-oil Private Sector Growth Boosts Saudi Arabia’s Economic Expansion

A general view of Riyadh, Saudi Arabia. (Reuters)
A general view of Riyadh, Saudi Arabia. (Reuters)
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Non-oil Private Sector Growth Boosts Saudi Arabia’s Economic Expansion

A general view of Riyadh, Saudi Arabia. (Reuters)
A general view of Riyadh, Saudi Arabia. (Reuters)

Saudi Arabia’s non-oil private sector continued to witness steady improvements in operating conditions during May, mainly driven by an expansion in new business and a recovery in customer demand.

This strong performance underscores the resilience of Saudi Arabia’s non-oil economy and its capacity to achieve sustainable growth.

The Riyad Bank Purchasing Managers’ Index (PMI) rose in May, reaching 55.8 points, indicating a strong improvement in business conditions, though still below the peak recorded earlier this year.

These positive figures reflect growing confidence in the sector’s future, with output expectations reaching an 18-month high, signaling operational readiness for continued growth in the second half of the year.

Key findings of the PMI show a notable acceleration in new order growth during May, following a slowdown in April. Companies attributed this increase to stronger demand, robust sales performance, and new marketing initiatives. New orders from abroad also grew, although at the slowest pace in the past seven months.

This positive momentum was mirrored in employment levels, as companies increased their workforce to meet rising production requirements, marking one of the fastest hiring rates in over a decade.

The workforce growth was accompanied by a surge in purchasing activity, which saw its fastest rise since March 2024, reflecting improved supply chain flexibility.

The Kingdom’s non-oil private sector is showing strong confidence in the future, with business expectations reaching their highest level since late 2023.

Business activity rose in May, driven by increased customer demand and production needs, although the overall rate of growth was the slowest since last September. The construction sector played a key role in this growth, recording the strongest increases in both activity and new business.

Despite this strong performance, non-oil firms faced a sharp rise in input costs during May. However, inflation slowed compared to April due to reduced wage pressures.

Conversely, selling prices declined in May, driven by a sharp drop in service sector prices, with companies citing competitive pressures impacting their pricing power.

Commenting on these results, Dr. Naif Al-Ghaith, Chief Economist at Riyad Bank, affirmed that Saudi Arabia’s non-oil economy maintained its strong momentum in May.

He noted that improving demand, robust economic activity, the launch of new projects, and increased labor productivity all contributed to continued growth, despite the pace slowing to its lowest level since September 2024.