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Saudi Arabia Registers Stable Supply of Ramadan Goods

Retail outlets offer promotional offers during the month of Ramadan (SPA)
Retail outlets offer promotional offers during the month of Ramadan (SPA)
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Saudi Arabia Registers Stable Supply of Ramadan Goods

Retail outlets offer promotional offers during the month of Ramadan (SPA)
Retail outlets offer promotional offers during the month of Ramadan (SPA)

As Islam’s holy month of fasting, Ramadan, begins and global crises like the Russian-Ukrainian conflict and the recent Red Sea crisis unfold, the Saudi market stands strong.

The Kingdom has been able to provide Ramadan goods without affecting consumers.

Despite challenges like population growth and tourism, the Kingdom ensures ample food supplies, unlike many global markets affected by these crises.

Recent data from Saudi Arabia’s General Authority for Statistics shows prices dropping for 70 items and staying steady for 5 out of 169 goods and services.

During a recent tour conducted by Asharq Al-Awsat of retail outlets in the Kingdom, abundant supplies and attractive discounts on food and consumer goods were observed.

Economists credit this stability to Saudi Arabia’s food security strategy, which focuses on increasing local production and reducing waste.

Speaking to Asharq Al-Awsat, Dr. Faisal Al Fadel from the Shura Council highlighted the Kingdom’s clear approach to food security, including supporting local production and encouraging private investment in agriculture.

Investor guarantees provided by the Agricultural Development Fund (ADF) contribute to self-sufficiency in key commodities, he added.

Fahad Al Ghrusan, CEO of Abdul Rahman Al Abd Al Aziz Al Shalhan Trading Company, noted increased consumption, particularly in rice, driven by population growth and tourism.

Sales typically surge during Ramadan, and annual rice exports reach millions of tons, he told Asharq Al-Awsat.

Al Ghrusan highlighted the strength of the Saudi market and its support through government programs to ensure food availability, which has significantly reassured the market.

Government initiatives, including financing imports of key agricultural products, strengthen the Saudi market and ensure food availability.

It is worth noting that since its establishment, the ADF has provided over 60 billion riyals ($16 billion), while also financing the import of targeted agricultural products for food security, such as rice, sugar, soybeans, yellow corn, red meat, cooking oils, and barley.

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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.