Tuesday, January 17 2023   \  Published by Arab News.

Saudi Arabia allocates $267m to Intellectual Property Strategy

RIYADH: Saudi Arabia has allocated a budget of SR1 billion ($267 million) for its recently launched National Intellectual Property Strategy to support inventors in the Kingdom and diversify its economy. The budget of the NIPST, which was launched last week by Crown Prince Mohammed bin Salman, has been agreed to be distributed over a five-year period until 2028. This strategy will be implemented through 12 initiatives which include 54 projects, according to Sami AlSudais, the vice president for Intellectual Property Policies and Partnerships at the Saudi Authority for Intellectual Property. He further noted that the national strategy proposals are being executed by 37 governmental and private agencies. Read more

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