Saudi’s SAIP, Bahrain sign deal to develop bilateral intellectual property

By Arya M Nair, Official Reporter
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Saudi Arabia
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The Saudi Authority for Intellectual Property (SAIP) and the Bahrain Ministry of Industry, Commerce, and Tourism signed a Memorandum of Cooperation (MoC) to expand the strategic partnership in the field of intellectual property.

The signing was held during the meeting of the Saudi-Bahraini Coordination Council, on the sidelines of the official visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, to Bahrain.

The two sides aim to improve joint initiatives, coordination, consultation, and experiences in order to develop strategies and exchange intellectual property information and data under the terms of the memorandum.

The Memorandum also aims to build capacities, train and upskill the human resources, and enhance respect and enforcement of the intellectual property, in addition to share patent examination work and developing intellectual property processes and procedures in accordance with the best practices and methodologies.

According to a report, Saudi Arabia funds and entities are targeting investments of $5 billion in development projects in Bahrain, following a meeting between Saudi and Bahraini crown princes in Manama.

Recently, the two kingdoms signed four mutual agreements in order to boost bilateral relationships, which came a week ahead of the annual Gulf Cooperation Council (GCC) summit in Riyadh next week. The agreements showcase the commitment of both nations to deepen strong foundations of understanding, cooperation, mutual dependence and joint coordination in the field of economy, investment, politics and development.

Last day, the Saudi-Bahraini Business Owners Forum called for economic integration between the two countries. The meeting also signed a Memorandum of Understanding (MoU) for a feasibility study on establishing a multi-disciplinary Saudi-Bahraini holding company.

Related: Saudi-Bahrain Forum explores ways to boost economic integration