عربي English Türkçe اردو فارسى
Logo
Latest News
Business

EU Ambassador Emphasizes Partnership Strategy with Saudi Arabia in Vital Fields 

EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)
EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)
TT
TT

EU Ambassador Emphasizes Partnership Strategy with Saudi Arabia in Vital Fields 

EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)
EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)

With the launch of the Saudi-European Investment Forum in Riyadh on Monday, EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud emphasized the partnership strategy between the two sides in various vital fields, especially the energy mix, emissions-free industry, and digital economy.

In an interview with Asharq Al-Awsat, Farnaud said the forum will cover mutual investments, and will discuss transformation in the fields of energy, emissions-free industry, transportation, and infrastructure.

The panel discussions will also touch on several key sectors, including minerals, supply chains, tourism, sports, healthcare, medium and small enterprises, and the digital economy.

Regarding the volume of economic and trade between the EU and Saudi Arabia, the ambassador noted that in 2022, the volume of trade exchange of goods reached 75.4 billion euros ($79.8 billion), compared to 45.8 billion euros ($48.5 billion) in 2021, an increase of 64.5 percent.

He added that the value of EU imports from Saudi Arabia amounted to 43.9 billion euros ($46.5 billion), mainly consisting of fuel. EU exports also rose from 25 billion euros ($26.4 billion) to 31.5 billion euros ($33 billion), especially machinery, transportation and chemicals.

According to the diplomat, data in 2021 showed that direct foreign investments from the EU to Saudi Arabia reached 13.4 billion euros ($14.1 billion), while total foreign direct investments from Saudi Arabia to the EU amounted to 42 billion euros ($44.4 billion) in 2022, compared to 32 billion euros in 2021.

Most Viewed

 
 
Business

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
TT
TT

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.