Saudi Arabia to launch first national strategy for intellectual property rights

To mark the World Intellectual Property Day commemoration, the IP authority on Monday showcased its achievements. (Supplied)
Short Url
Updated 28 April 2022
Follow

Saudi Arabia to launch first national strategy for intellectual property rights

RIYADH: Saudi Arabia is soon planning to launch its first national strategy for protecting intellectual property, a top government official said.

“The move is part of the Kingdom’s plan to promote knowledge-based economic activities as it diversifies its income streams away toward non-oil sectors under the grand scheme of Vision 2030,” Sami Al-Sodais, deputy chief executive of IP policy and collaboration at Saudi Authority for Intellectual Property, told Arab News in an exclusive interview.

He further said that the Kingdom is experiencing a boom in trademarks and patent requests, mainly as many young Saudi entrepreneurs seek to create their businesses.

Opinion

This section contains relevant reference points, placed in (Opinion field)

Rising intellectual prowess

According to SAIP, the number of submitted patent applications rose by 11 percent in 2021 compared to the previous year, and trademark registrations increased by 26 percent during the same period.

Additionally, the applications for the registrations of industrial models grew by 48 percent and optional registration of copyright works surged by 57 percent between 2020 and 2021.

In fact, SAIP is stirring the IP landscape by introducing reforms that will scale its patent applications rankings. The Kingdom presently ranks seventh among the countries in the G20.

“We intend to decrease the average patent registration time from 24-36 months to a year,” said Al-Sodais. The move will bolster the present IP regime and encourage young innovators to incubate their ideas in the Kingdom.

Also, as part of its reforms, SAIP enrolled a panel of 47 judges in a program on all aspects of intellectual property rights to aid them in understanding the patent process in its entirety and facilitating IP protection in the region.

“Protecting IP Respect is one of the strategic pillars of SAIP. We aim to achieve by enhancing IP enforcement ecosystem, promoting awareness on IP Respect and raising compliance,” said SAIP’s Al-Sodais.




Sami Al-Sodais

No room for failure

The IP authority is also establishing a robust methodology to gather locations of possible illegal practices in every business sector. The study will determine the sectors harboring the most patent violations and requiring periodic inspections.

“SAIP periodically does field inspection campaigns and visits across the Kingdom to look for violations. We also conduct online inspections and temporarily block websites infringing on original content,” added Al-Sodais.

As part of its compliance programs, the IP Authority has established the Permanent IP Enforcement Committee, a governing body to improve the enforcement ecosystem and enhance efforts to develop procedures to coordinate between government agencies and the private sector.

“The committee is headed and supervised by SAIP and it includes over 12 representatives from other government agencies related to IP enforcement,” he added.

Driving change, differently

To mark the World Intellectual Property Day commemoration, the IP authority on Monday showcased the achievements and inspiring stories of IP creation in the region.

As part of its Your Ideas Our Future program, the agency organized an awareness campaign to celebrate innovation and maximize the impact of the government’s initiatives across a broader cross-section of budding innovators.

“The authority is happy to provide its services to support innovators through our intellectual property consulting clinics that aim to build a continuous communications channel with the innovators,” SAIP CEO Abdulaziz Al-Suwailem said in a statement.

These clinics have benefited more than 1,200 persons so far. In addition, over 8,500 people have benefited from its Intellectual Property Academy, which offers a specialist certificate program for the stakeholders of the IP business.

The IP authority has also launched the National Network of Intellectual Property Support Centers in cooperation with the World Intellectual Property Organization to nurture innovators with technical information and know-how to IP assets. The network now has 43 members from various sectors.

The Coptic miracle
How Egypt's historic Christian church survived and thrived

Enter


keywords

SFD, AfDB sign deal to finance development initiatives in Africa 

Updated 21 min 46 sec ago
Follow

SFD, AfDB sign deal to finance development initiatives in Africa 

RIYADH: Developing African countries are poised to receive a funding boost for growth initiatives following a deal with the Saudi Fund for Development, aiming to foster sustainable progress. 

The memorandum of understanding, signed with the African Development Bank Group, aims to promote mutual objectives and activities for sustainable international development between the two parties, the Saudi Press Agency reported. 

This initiative aligns with SFD’s objective to enhance both social and economic growth by creating diverse opportunities.  

Moreover, the newly signed agreement aims to facilitate the exchange of knowledge and experiences while advocating for optimal co-financing strategies. It will also support the attainment of sustainable development goals and optimize the impact of these initiatives. 

Additionally, the MoU also aims to enhance collaboration in pursuit of shared goals that promote the expansion of crucial opportunities in diverse beneficiary African nations, ultimately contributing to global prosperity for the most impoverished and least developed communities. 


Saudi Central Bank and BIS co-host meeting on reserve management in Riyadh

Updated 29 min 12 sec ago
Follow

Saudi Central Bank and BIS co-host meeting on reserve management in Riyadh

RIYADH: The evolving global landscape presents new challenges and opportunities for central bank reserve managers, the governor of Saudi Arabia’s apex financial institution explained at a high-level meeting.

Speaking at an event in Riyadh which was attended by the Bank for International Settlements, Ayman Al-Sayari set out his view on the complexities of the current macro-financial environment.

The two-day gathering, which began on April 28, brought together reserve managers and experts from central banks in the Middle East and North Africa region, as well as participants from other apex financial institutions, to discuss the latest trends in managing foreign exchange reserves. 

The event served as a platform for participants to exchange insights, perspectives and expertise on the most critical aspects of reserve management through a series of panel discussions and keynote speeches.

In March, SAMA’s monthly statistics bulletin revealed that foreign assets of Saudi Arabia’s commercial banks surged by 22 percent in February, reaching a total of SR347.63 billion ($92.7 billion) compared to the same month of the previous year.

This rise reflects a significant expansion in the commercial institutions’ international holdings and investments. 

The central bank added that its net foreign assets reached SR1.55 trillion in February. 

Central banks’ foreign holdings are primarily for reserve management and monetary policy purposes, while commercial banks’ foreign assets are for business operations, customer services, and investment activities.

The report added that Saudi Arabia’s total reserve holdings amounted to SR1.62 trillion, representing a five percent decline compared to the same month of 2023.


DIFC records $2.6bn in gross written premiums, highest figure in its 20-year history 

Updated 49 min 51 sec ago
Follow

DIFC records $2.6bn in gross written premiums, highest figure in its 20-year history 

RIYADH: Dubai International Financial Centre recorded its highest gross written premiums in its 20-year history, amounting to $2.6 billion in 2023, marking a 23 percent increase from the previous year. 

DIFC, a global financial center in the Middle East, Africa, and South Asia region, connects the fast-growing markets of the region with global economies and offers dining, retail, and living amenities, according to its website. 

The center also recorded a 20 percent increase in the registration of insurance and reinsurance firms, including the first move of a Guernsey-based captive. 

The Emirates News Agency reported that DIFC “has consolidated its position as the principal hub for the (re)insurance industry,” adding  that DIFC’s appeal for managing general agents, representing 43 percent of new registrations, is a major factor shaping its insurance landscape.

This is credited to the center’s well-established regulatory framework, facilitating partnerships with cedants and brokers. 

The influx of global insurers, reinsurers, and brokers, as well as captives, MGAs, and other industry stakeholders into DIFC, is driven by several factors. These include buoyant oil prices and increased infrastructure spending, as well as a focus on sustainable projects and low insurance penetration in the region. 

Among the notable entities to join DIFC’s insurance sector in the past year are Alif Limited, Arc Insurance and Reinsurance Limited, and Barents Risk Management Limited. Joining them are BharatRe Global Ltd. and many more, it added. 

Arif Amiri, CEO of DIFC Authority, emphasized the center’s role as a global industry hub, hosting over 120 registered insurers, reinsurers, captives, MGAs, and related entities. 

The significance of DIFC’s stature in the insurance domain is further underscored by its co-hosting of the Dubai World Insurance Congress, featuring discussions on key themes reshaping the industry’s future, including innovation, capital attraction, and talent development. 

In 2023, a survey conducted at DWIC revealed an 87 percent confidence in the Middle East, Africa, and Southern Asia market’s strategic opportunities. Property, health, energy, cyber, and liability lines of business were identified as holding the most potential. The survey also highlighted an 85 percent confidence rate in renewals and client retention. 

Over two decades, DIFC has fostered the growth of the insurance and reinsurance industry, attracting talent and expertise to access key markets in the Middle East, Asia, and Africa.  

The center hosts major insurance brokers, five of which are top ranked by the specialized insurance credit rating agency, AM Best. This has contributed to a significant 61 percent increase in brokered premiums compared to 2022, surpassing the $2 billion mark and solidifying DIFC’s position as a global market for insurance and reinsurance placements. 


Dubai Real Estate Brokers Program attracts 25 strategic partnerships

Updated 29 April 2024
Follow

Dubai Real Estate Brokers Program attracts 25 strategic partnerships

RIYADH: Dubai’s property market is set to grow, with the Real Estate Brokers Program securing 25 partnerships with brokerage companies and developers in the private sector. 

According to a press statement, the first phase of the program, launched in mid-March and headed by the Dubai Land Department, also received over 1,000 registrations from Emirati citizens. 

Dubai Real Estate Brokers Program aims to increase the proportion of citizen brokers from 5 percent to 15 percent over the next three years to enhance the participation of young citizens in the Emirate’s developmental initiatives across various key sectors. 

“This reflects the early positive impact of the program, showcasing citizens’ aspirations and eagerness to engage as real estate brokers and acknowledging the pivotal role of Dubai’s real estate sector locally and globally,” said Marwan bin Ghalita, acting director general of Dubai Land Department. 

The initiative also aligns with Dubai Social Agenda 33, which seeks to triple the number of Emiratis working in the private sector.

Ghalita added that the program will help young talents in the nation enhance their productivity, therefore contributing to Dubai’s economic growth. 

“Dubai consistently offers outstanding examples of collaboration and synergy between the private and public sectors,” said Ghalita. 

He added: “With the program’s enrollment exceeding 1,000 citizens and real estate companies continuing to join the strategic alliance within a short period, we are diligently working toward achieving all the ambitious goals of the Dubai Real Estate Brokers Programme. In particular, Emirati real estate brokers will increase from 5 percent to 15 percent over the next three years.” 

The program also encompasses additional initiatives, including Emirati real estate broker licensing, encouraging property developers to allocate a portion of their sales to local agents, and empowering citizens in the property sector. 

Under the partnership with the private sector, citizen participants will receive various support packages to enhance the competitive edge of UAE people and enable them to take up roles in the real estate sector. 

The press statement added that efforts would also be made to allocate 10 percent to 15 percent of the development company’s sales to be marketed by Emirati real estate brokers, therefore contributing to the empowerment of national citizens by offering them employment opportunities in the property market. 


Dubai ruler approves new $35bn airport terminal

Updated 29 April 2024
Follow

Dubai ruler approves new $35bn airport terminal

CAIRO: Dubai’s ruler Sheikh Mohammed bin Rashid Al-Maktoum approved a new passenger terminal in Al Maktoum International airport worth 128 billion dirhams ($34.85 billion), he said on Sunday in a post on X.

The Al Maktoum International Airport will be the largest in the world with a capacity of up to 260 million passengers, and five times the size of Dubai International Airport, he added, saying that all operations at Dubai airport would be transferred to Al Maktoum in the coming years.

The Al Maktoum airport will also include 400 terminal gates and five runways, he said.

The airport will be the new home of flagship carrier Emirates and its sister low-cost airline Flydubai along with all airline partners connecting the world to and from Dubai, Dubai state-owned airline Emirates chairman Sheikh Ahmed bin Saeed Al-Maktoum said.

The move “further solidifies Dubai’s position as a leading aviation hub on the world stage,” the CEO of Dubai Airports, Paul Griffiths, was quoted as saying by the Dubai Media Office.