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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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Attractive Environment Drives Surge in Private Tourism Facilities in Saudi Arabia

Visitors flock to one of the events of “Riyadh Season 2024” (SPA)
Visitors flock to one of the events of “Riyadh Season 2024” (SPA)
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Attractive Environment Drives Surge in Private Tourism Facilities in Saudi Arabia

Visitors flock to one of the events of “Riyadh Season 2024” (SPA)
Visitors flock to one of the events of “Riyadh Season 2024” (SPA)

As Saudi Arabia experiences a surge in visitor numbers, there is a growing need to expand tourism infrastructure to keep up with demand.

In this context, the private facilities sector has emerged as a practical solution, contributing positively to increasing the income of local citizens who own these facilities.

This growth is reflected in the significant rise in the number of licenses granted by the Ministry of Tourism, which saw an increase of 333% in 2024 compared to the previous year.

In January, the Ministry of Tourism announced a new mandate requiring booking platforms and apps to exclude or refrain from listing unlicensed private hospitality facilities.

This move aims to ensure the quality of services provided to both local and international tourists across the Kingdom. The Ministry warned that any platforms violating this directive would face penalties.

This initiative is part of a campaign which seeks to enforce compliance with tourism licensing standards and regulations, ensuring facilities meet the criteria outlined in the Kingdom's Tourism Law and its accompanying regulations.

According to preliminary data from the Ministry of Tourism, the number of licenses issued for private hospitality facilities reached 8,357 last year, compared to 1,929 licenses in 2023.

Under the Kingdom’s Tourism Law, a private hospitality facility is defined as “any furnished and independent property unit, owned by an individual, licensed by the Ministry of Tourism, and offering daily accommodation services for a fee.”

Ministry spokesperson Mohammed Al Rasasimah emphasized that the growing number of licenses issued for private hospitality facilities reflects the ministry’s commitment to enabling individual investors in the hospitality sector to obtain the necessary operating licenses.

This initiative aims to enhance the quality of services provided.

He added that these efforts are part of the "Guests Are Our Priority" campaign, which seeks to strengthen compliance with licensing and classification standards and ensure facilities meet the conditions set out in the Tourism Law and its regulations.

Dr. Salem Baajajah, an economic expert and professor at King Abdulaziz University, told Asharq Al-Awsat that the significant growth in hospitality and tourism facilities is a result of the Ministry of Tourism's efforts to attract foreign investors.

He added that this expansion reflects a growing demand from international investors seeking to capitalize on opportunities in Saudi Arabia, aligned with the Kingdom’s Vision 2030 goal of increasing the number of tourists visiting Saudi Arabia.

He further explained that the tourism sector is experiencing notable growth, contributing to higher revenues for local citizens.