Source: World Intellectual Property (WIP) – Kingdom’s GDP Constant Prices 2017 US$
As they say patents are considered to be an indicator for the development of innovative nations and economies, but can we guarantee this claim to be true?
Today’s chart shows the number of patent produced in each year issued by the Kingdom of Saudi Arabia, the trend of patent is growing over the years to reach its highest point in 2019-year end, reaching 7400 patents issued, the highest patent applicant and contributor to the kingdom’s innovative system was Saudi Aramco covering 80% of 2019 submissions.
It's worth highlighting that last year marked a great achievement to the Kingdom, three government universities were among the world’s top 100 universities granted patents, King Fahd University of Petroleum and Minerals (KFUPM) ranked 14th in the world in the list of universities that were granted patents according to data released by the United States Patent and Trademark Office (USPTO), In addition, King Abdul Aziz University rose to rank 33 by managing to jump 50 places within a year.
Going back to our opening statement, in order to testify the relationship of patents, innovation production and their contribution to the Kingdom’s future and wealth, the second chart illustrates the relation between issued patents in line with Kingdom’s GDP, as the correlation factor turned out to be a strong positive correlation. And while data shows strong correlation between both variables, it doesn’t always mirror the reality… according to the innovation index report, the Kingdom highlighted improvements in 2020, but the remaining area to work on is to produce more innovation outputs relative to the level of its innovation investments.
The importance of patent ownership is an emerging key engine of economic development and growth, the future economic outlook depends highly on the generation and the promotion of an environment that encourages innovative inventions and the application of new technologies to lead the kingdom in reaching its economic prosperity.
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