Saudi Arabia has allocated a budget of SAR1 billion ($267M) for its recently launched National Intellectual Property Strategy to support inventors in the Kingdom and diversify its economy.
The budget of the NIPS, 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, and will be executed by 37 governmental and private agencies, according to the vice president for Intellectual Property Policies and Partnerships at the Saudi Authority for Intellectual Property.
This strategy takes Saudi Arabia one step closer to its Vision 2030 goal of enhancing its position as one of the top ten countries on the Global Competitiveness Index by 2030, from its current ranking of 24.
In addition, it will also help uplift the Kingdom’s position on the International Institute for Administrative Development index in the field of intellectual property protection, from 34th place to reach the top 20 countries in this field in five years.
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