Saudi Arabia to launch first national strategy for intellectual property rights

Exclusive 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)
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Updated 28 April 2022

Saudi Arabia to launch first national strategy for intellectual property rights

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.

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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.

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European Commission drafts plan to allow e-fuel combustion engine cars

European Commission drafts plan to allow e-fuel combustion engine cars
Updated 21 March 2023

European Commission drafts plan to allow e-fuel combustion engine cars

European Commission drafts plan to allow e-fuel combustion engine cars

BERLIN/BRUSSELS: The European Commission has drafted a plan allowing sales of new cars with internal combustion engines that run only on climate neutral e-fuels, in an attempt to resolve a spat with Germany over the EU’s phasing out of combustion engine cars from 2035.

The draft proposal, seen by Reuters on Tuesday, suggests creating a new type of vehicle category in the EU for cars that can only run on carbon neutral fuels.

Such vehicles would have to use technology that would prevent them from driving if other fuels are used, the draft said. This would include a “fueling inducement system” to stop the car from starting if it was fueled by non-carbon neutral fuels, it said.

The proposal could offer a route for car manufacturers to keep selling combustion engine vehicles after 2035, the date when a planned EU law is set to ban the sale of new CO2-emitting cars.

After months of negotiations, EU countries and the European Parliament agreed the law last year. But Germany’s Transport Ministry surprised other countries this month by lodging last-minute objections to the law, days before a final vote that would have seen it enter into force.

The ministry’s core demand is that the EU allow sales of new cars running on e-fuels after 2035. The ministry was not immediately available for comment.

On Monday, it said talks with the commission about the planned end of new combustion engines from 2035 were moving forward, but added it could not say when an agreement would be reached.


Russia to extend oil production cuts until end of June

Russia to extend oil production cuts until end of June
Updated 21 March 2023

Russia to extend oil production cuts until end of June

Russia to extend oil production cuts until end of June

MOSCOW: Russia announced on Tuesday that it was extending oil production cuts of 500,000 barrels per day until the end of June, a response to Western anctions that was due to expire at the end of March.

“In accordance with the current market situation, the decision to voluntarily reduce production by 500,000 barrels per day will be applicable until June 2023 inclusive,” deputy prime minister in charge of energy issues Alexander Novak was cited as saying by Russian news agencies.

Novak announced the oil production cuts, which amount to about 5 percent of daily output, in February after Western countries announced new sanctions on Russian oil products.

“At the moment, Russia is close to achieving the target level of reduction — it will be reached in the coming days,” Novak added.

The West has imposed a slew of sanctions against Russia since the Kremlin deployed Russian troops to Ukraine, including targeting Moscow’s energy sector.

The International Energy Agency said this month that Russia’s oil-export revenue sank by almost half in February compared to last year.


Moody’s affirms UAE’s Aa2 rating, maintains stable outlook

Moody’s affirms UAE’s Aa2 rating, maintains stable outlook
Updated 21 March 2023

Moody’s affirms UAE’s Aa2 rating, maintains stable outlook

Moody’s affirms UAE’s Aa2 rating, maintains stable outlook

RIYADH: International credit rating agency Moody’s on Tuesday affirmed the Aa2 long-term local and foreign currency issuer ratings of the UAE’s government with the outlook predicted to remain stable.

Moody’s Investors Service also affirmed the foreign currency senior unsecured debt and program ratings at Aa2 and (P) Aa2, respectively.

As per the report, the UAE federal government’s debt level are likely to remain very low, “supported by its adherence to balanced budget targets and limited spending needs due to the scale of fiscal decentralization within the country.”

Despite being exposed to “longer-term carbon transition risks” and “regional geopolitical tensions,” the rating agency said solid institutions and policymaking helped contain these challenges.

The stable outlook reflects Moody’s expectation that continued efforts by the governments across the UAE to expand non-hydrocarbon revenue, promote the development of non-hydrocarbon sectors and attract foreign businesses and talent may reduce the federal government’s indirect exposure to oil price cycles and a potential acceleration in global carbon transition over the medium term, further strengthening its credit profile.

However, uncertain global geopolitical developments and downside risks to global growth may slow the diversification momentum, while tangible impact of the government's initiatives and policies are likely to take time to materialize, the report added.

The UAE’s local and foreign currency country ceilings remain unchanged at Aaa.


SEVEN and Hasbro join to develop Play-Doh themed centers in Saudi Arabia 

SEVEN and Hasbro join to develop Play-Doh themed centers in Saudi Arabia 
Updated 21 March 2023

SEVEN and Hasbro join to develop Play-Doh themed centers in Saudi Arabia 

SEVEN and Hasbro join to develop Play-Doh themed centers in Saudi Arabia 

RIYADH: Play-Doh themed play centers are on their way to the Kingdom after Saudi Entertainment Ventures reached a deal with Hasbro Inc.

The Saudi group, known as SEVEN, has announced that within the next decade the Play-Doh centers will be in its entertainment destinations in eight locations in the Kingdom.  

The centers will feature multi-level playscapes, creativity stations and sensory discovery activity spaces, as well as a café spot for parents to pass their time, stated the official release.    

“Our Play-Doh themed entertainment centers will inspire the creative minds and imaginations of children across the Kingdom. Children will be able to learn while having fun at our Play-Doh centers located at SEVEN entertainment destinations,” stated the SEVEN’s chairman Abdullah AlDawood.  

SEVEN’s CEO Essam Al Jubair and Hasbro MENA’s Commercial Director Devrim Anadol signed the contract to officiate the partnership.  

SEVEN - owned by the Public Investment Fund – joined with Thinkwell Group, a global strategy, experience design, and production agency, to foster the Play-Doh themed centers. 

By investing over SR50 billion ($13.3 billion) into 21 entertainment destinations, SEVEN is cultivating the Kingdom’s entertainment sector through innovative topnotch entertainment experiences and international collaboration.  

The 65-year Play-Doh brand is currently the number one reusable modeling compound across 80 different countries worldwide.  

“Play-Doh has always been synonymous with imagination; it provides kids the creative freedom to express themselves and brings families together for an engaging and fun activity that is beloved across generations,” added the press release announcing the development.


Closing bell: TASI rises 141.6 points on recovering oil prices

Closing bell: TASI rises 141.6 points on recovering oil prices
Updated 21 March 2023

Closing bell: TASI rises 141.6 points on recovering oil prices

Closing bell: TASI rises 141.6 points on recovering oil prices

RIYADH: Saudi Arabia’s Tadawul All Share Index increased 141.62 points on Tuesday – or 1.39 percent – to close at 10,359.74, from 10,218.12, thanks to oil price rise, extending a recovery.

MSCI Tadawul 30 Index also increased 1.64 percent to 1,410.74, and the parallel market, Nomu, edged down by 0.21 percent closing at 18,928.89.  

TASI’s total trading turnover of the benchmark index was SR4.9 billion ($1.3 billion) as 176 stocks of the listed 224 advanced and 38 receded.    

Arab Sea Information System Co. was the top gainer of the day, closing the trading session up 6.40 percent at SR70.70.

The second-best performer was Thimar Development Holding Co., increasing 9.92 percent to SR48.75 flat.  

Perfect Presentation for Commercial Services Co. was the third-best performer, rising 7.67 percent - or 31 points – to SR435, compared to its opening at SR404. It also announced a tremendous increase in net profit by 63.06 percent to SR131.4 million. The company’s shares closed 9.71 up at SR192.

Other top performers of the day were Saudi Industrial Export and Saudi Advanced Industries Co.

The biggest faller of the day was Yamama Cement Co., slipping by 3.19 percent to SR30.3.  

Elm Co. is the next worst performer of the day, after being the third top performer the day before, decreasing by 2.07 percent to SR426.

The third poor performer was Almarai Co., which drops by 2.01 percent, closing at SR53.6.

The other poor performers were Al-Rajhi Company for Cooperative Insurance and Al Jouf Cement Co.

Riyadh Cement Co, announced its annual financial results for 2022, posting an 11.18 percent decrease in its net profit to SR189.8 million compared to the same period at SR213.7 million in 2021. The company’s share price on the other hand,

Riyadh Cement said in a statement that the decrease in net profit is driven by a decrease in sales, despite the decrease in the general and administrative expenses and zakat expenses.

Alkhorayef Water and Power Technologies Co reported a net profit of SR107.4 million in 2022, up 4 percent from SR103 million in 2021, closing at SR131.8 per share

Saudi Company for Hardware incurred a ­­major loss in net profit by 400.1 percent to SR142.5 million. The drop was mainly due to a drop in sales by 11.7 percent in 2022, increasing inventory provision by SR38.5 million and booking impairment loss on non-financial assets by SR29.7 million. The company’s share price dropped by 1.25 percent to close at SR27.65 per share. 

Alinma Tokio Marine Co. announced its annual financial results for 2022, posting a total comprehensive profit for the current year of SR8.6 million, up from a loss of SR14.8 million. Alinma’s share price closed at SR14.62, up 0.97 percent.

Al Alamiya for Cooperative Insurance Co. reported a net comprehensive loss for the current year of SR52.8 million compared to SR36.8 million in the previous year, which is an increase of 43.32 percent. Al Alamiya’s share price edged up 0.17 percent to close at SR12.02.

Middle East Paper Co. on the other hand, posted a 22.58 percent increase in net profit to SR270.7 million in 2022 compared to SR220.5 million in the previous year. The increase in net profit was attributed to growth in revenues by 12 percent to SR130 million. The share price also increased by 0.98 percent closing at SR30.75

National Gas and Industrialization Co. also announced its annual financial results for 2022 posting a 6.3 percent increase in net profit to SR214.1 million. Yet, the company’s share price decreased by 0.53 percent to close at SR56.

Jahez International Company for Information System Technology reported a major decrease in net profit of SR58.9 million, down 49.62 percent compared to 2021. Jahez attributed the decrease to an increase in the segment net profit by 56 percent to SR180.4 million from SR115.9 million and an increase in Zakat expenses. However, the share price increased by 0.15 percent to close at SR664 per share.

Furthermore, Banan Real Estate Co. announces positive annual financial results for 2022, reporting a 52.39 percent rise in net profit to SR37.4 million from SR24.3 million in 2021. However, its share price slightly decreased by 1.40 percent closing at SR56.5.

The company said in a statement that the increase is due to a rise in rental revenues, driven by the acquisition of a hotel apartment building in the Sulaymaniyah district and the Plaza 46 building in the Qurtoba district.

Aldawaa Medical Service Co. also posted a notable increase of 27.73 percent in net profit of 2022 to SR305.4 million compared to SR227.7 million in the previous year. The medical services company’s share price increased by 1.51 percent, closing at SR74.1.

“The reason is mainly due to the increase in sales and the rationing of expenses with resulted in improving the gross profit and operating profit,” Aldawaa said in a bourse filing.

The Medical services company, Mouwasat, also reported a 3.63 percent increase in net profit in 2022 at SR599 million, due to an increase in the number of visits in the outpatient sector and the increase in occupancy rates in the internal departments. The share price increased 2.35 percent, closing at SR200.

On the other hand, Arriyadh Development Co. achieved a net profit of SR300.4 million during the current period, indicating an almost 6 percent drop. This is mainly due to a 16 percent decrease in Tanal’s revenues, which is an associate company.