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Saudi Arabia Strengthening Economic Transformation Plan, Finance Minister Says

Saudi Flag / File/Reuters
Saudi Flag / File/Reuters
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Saudi Arabia Strengthening Economic Transformation Plan, Finance Minister Says

Saudi Flag / File/Reuters
Saudi Flag / File/Reuters

Saudi Arabia is strengthening its commitment to a plan designed to wean the economy off oil, its finance minister said on Wednesday.

Mohammed Al Jadaan was addressing the second day of the Future Investment Initiative (FII) conference in Riyadh, which is hosting top global business, technology and financial leaders.

"Overall, I think we are very, very excited and happy with what we have achieved in the Saudi 'Vision 2030', but we are not complacent. We are doubling down, making sure that we do the right thing," the finance minister said.

In one deal signed during the conference, PIF will be an anchor investor in a new $2 billion Middle East-focused private equity fund from Canada's Brookfield Asset Management, which it plans to use for investments in sectors such as industrials, technology and healthcare, Reuters reported.

At least half of the capital will be invested in Saudi Arabia and international companies that are looking to expand in the Kingdom, the two companies said in a joint statement on Wednesday.

Jerry Inzerillo, CEO of Diriyah, a $64 billion "giga-project" located at a UNESCO World Heritage site outside the capital Riyadh, told the audience at FII that the project was "on time and on budget" and that its value and assets could rise to "well over" $100 billion by 2030.

"We are having a great FII because we closed so many deals here," Inzerillo added.

Jadaan told the audience on Wednesday investors were confident in the kingdom's plans.

"I really did not come here for Saudi Vision promises. I came here for what Saudi Vision delivered," Jadaan quoted a "prominent" investor attending the event as telling him.

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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.