The CEO of the Saudi Authority for Intellectual Property, “SAIP”, Dr. Abdulaziz bin Mohammed AlSuwailem, stated that ownership of intellectual property rights by SMEs can increase their economic value by up to 65% compared to others. He noted that their investment attractiveness rises fivefold when they hold a patent, sixfold when they own a trademark, and up to tenfold when both are combined.

This came during a panel discussion held as part of Innovation Week, organized by the Small and Medium Enterprises General Authority, “Monsha’at,” and concluded yesterday, in partnership with the Research Development and Innovation Authority, King Abdulaziz City for Science and Technology, and the Saudi Authority for Intellectual Property, coinciding with World Intellectual Property Day.

Dr. AlSuwailem also highlighted that awareness of intellectual property in the Kingdom has increased from 52% in 2018 to over 70% currently, while compliance levels have risen from 54% to 71%, reflecting a growing recognition of the importance of protecting intellectual property rights.

He emphasized that intellectual property is a key economic pillar that has contributed to the establishment of many enterprises in the Kingdom, enabling SMEs to enhance their value and expand into new markets.

Innovation Week featured nine panel discussions and 51 entrepreneurial meetings, along with more than 1,380 advisory sessions, with participation from 72 public and private sector entities and attendance exceeding 2,345 entrepreneurs and innovation enthusiasts.

The event reflects Monsha’at’s ongoing efforts to empower entrepreneurs and open new investment opportunities in promising sectors, contributing to the growth of SMEs and the achievement of Saudi Vision 2030 objectives.