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Saudi Finance Minister Heads Kingdom's Delegation ‏to IMF-WBG 2024 Spring Meetings ‏

Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
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Saudi Finance Minister Heads Kingdom's Delegation ‏to IMF-WBG 2024 Spring Meetings ‏

Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Saudi Minister of Finance Mohammed Al-Jadaan gestures as he speaks during the Saudi Green Initiative Forum, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri

Saudi Finance Minister Mohammed Al-Jadaan will lead the Kingdom's delegation at the International Monetary Fund and World Bank Group 2024 Spring Meetings in Washington from April 15 to 20.

The Saudi delegation will also include Central Bank Governor Ayman Alsayari, Saudi Fund for Development CEO Sultan Almarshad, Assistant Finance Minister Abdulmuhsen Alkhalaf, International Monetary and Financial Committee Deputy Chair Ryadh Alkhareif, Deputy Finance Minister Khalid Bawazier, and experts from the Ministry of Finance, the Central Bank, the Ministry of Economy and Planning, the Saudi Fund for Development, and the Zakat, Tax, and Customs Authority.

Al-Jadaan will chair the first meeting of the International Monetary and Financial Committee since the Kingdom's three-year chairmanship announcement. The committee will discuss global economic developments, growth prospects, and risks, along with global economic policy priorities.

Al-Jadaan and Alsayari will also participate in the 2nd G20 Finance Ministers and Central Bank Governors Meeting under the Brazilian Presidency, focusing on global economic issues and enhancing cooperation.

Additionally, Al-Jadaan will attend a meeting of the World Bank Group's Development Committee, discussing strategies for addressing global development challenges.

The spring meetings bring together finance ministers, central bankers, international organizations, private sector executives, civil society representatives, and academics to discuss global concerns, such as the economy, sustainable development, poverty eradication, and other economic and financial topics. ‏

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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.