Saudi Arabia is currently attempting an ambitious reorientation of its economy. The Saudi Arabian Vision 2030 and the National Transformation Programme 2020 comprise the most comprehensive strategy shift in Saudi Arabian economic policy since oil was found in the country. The Saudi Arabian Vision 2030 and the National Transformation Programme 2020 are expected to ease existing restrictions and liberate the market, in order to foster development of a domestic defence manufacturing industry.
Management liability is a central concern for investors. However, where management liability is too restrictive, managers may become overly cautious and avoid transactions or business opportunities with even moderate risk. Consequently, a balance must be struck between encouraging management not to take unnecessarily high risks and allowing it to conduct the normal business of the company without constant concern of being held liable for acceptable risks.
Saudi Arabia recently completed the process for acceding to the Patent Cooperation Treaty (PCT) and the Patent Law Treaty. Now that the state will feature on the PCT designated countries list, patent filers are likely to opt for the extended period in which to enter the costly national filing phase. As a result, the number of direct patent filings to Saudi Arabia is expected to increase.
The first fully non-Latin script domain names were recently launched in Saudi Arabia, the United Arab Emirates and Egypt. These 'internationalized' domain names will all be in the Arabic language. The first country to publish registration requirements was Saudi Arabia, under which priority registrations will be available to non-Saudi businesses only if they already hold a corresponding Arabic-language trademark registration.