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Efforts to Establish European Chamber of Commerce in Saudi Arabia

The Saudi-EU Investment Forum concluded on Monday in Riyadh.
The Saudi-EU Investment Forum concluded on Monday in Riyadh.
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Efforts to Establish European Chamber of Commerce in Saudi Arabia

The Saudi-EU Investment Forum concluded on Monday in Riyadh.
The Saudi-EU Investment Forum concluded on Monday in Riyadh.

The Saudi government and the European Union have agreed to speed up efforts for the establishment of a European chamber of commerce in the Kingdom, to be the first of its kind in the region.

Last year, the value of trade exchange between the two sides reached around $84 billion, representing a 30 percent annual growth.

This comes as the Saudi-EU Investment Forum concluded on Monday in Riyadh, in the presence of officials and executives representing major companies in Saudi Arabia and the European Union.

In remarks on the occasion, Saudi Investment Minister Khaled Al-Falih said that coordination with the EU has a vital role in the Kingdom’s ongoing economic transitions, as the Gulf nation is uniquely positioned to meet Europe’s needs “like no other.”

“I am convinced there is still immense potential for expanding our partnership further, especially in terms of scale, diversity, and quality of our outbound and inbound investments,” the minister underlined.

He added that over 1,300 European companies have invested in Saudi Arabia, pointing to the presence of major Saudi investments in most EU countries.

For his part, the European Commission Executive Vice President Maros Sefcovic said that the EU and Saudi Arabia share an interest in continuing interactions on multilateral trade policy agendas, including the World Trade Organization.

He added that an agreement was reached to accelerate the creation of a European Chamber of Commerce in Saudi Arabia, to be the first in the region.

Luigi Di Maio, EU’s special representative for the Gulf region, emphasized the importance of the relations between the EU and Riyadh, which he said were based on trust, dialogue, mutual respect and practical results.

He pointed to the importance of exploiting all tools and capabilities to foster relations and strengthen sustainable investment.

“Investments and economic development need predictability and a stable, secure environment. This is why the EU stands ready to support all diplomatic efforts and initiatives, such as those led by Saudi Arabia or other nations in the region,” he stated.

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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)
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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.