Saudi Arabia Brings Together WIPO’s Intellectual Property Community Outside Geneva for 1st Time

CEO of the Saudi Authority for Intellectual Property Dr. Abdulaziz Al-Suwailem addresses the audience. (Asharq Al-Awsat)
CEO of the Saudi Authority for Intellectual Property Dr. Abdulaziz Al-Suwailem addresses the audience. (Asharq Al-Awsat)
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Saudi Arabia Brings Together WIPO’s Intellectual Property Community Outside Geneva for 1st Time

CEO of the Saudi Authority for Intellectual Property Dr. Abdulaziz Al-Suwailem addresses the audience. (Asharq Al-Awsat)
CEO of the Saudi Authority for Intellectual Property Dr. Abdulaziz Al-Suwailem addresses the audience. (Asharq Al-Awsat)

Saudi Arabia is gathering the global intellectual property community in Riyadh to shape the future of design rights at the Diplomatic Conference for the Design Law Treaty. This event marks the first time in over a decade that the World Intellectual Property Organization (WIPO) has held a diplomatic conference outside Geneva, and it is also the first such event hosted in Saudi Arabia and the Middle East.

The conference represents the final phase of negotiations to establish a treaty aimed at simplifying design protection processes by standardizing international registration requirements.

Dr. Abdulaziz Al-Swailem, CEO of the Saudi Authority for Intellectual Property (SAIP), emphasized that the Kingdom is working towards an international treaty setting core standards for registering industrial designs. This aligns with Saudi Arabia’s strategic goals under the National Intellectual Property Strategy, launched by Crown Prince Mohammed bin Salman, which aims to position Riyadh as a global hub for intellectual property.

Since SAIP’s establishment, investments in design in Saudi Arabia have increased by 161%, reflecting growth driven by ambitious projects like NEOM and Qiddiya, which demand advanced design protections.

Al-Swailem described the conference as “diplomatic and negotiation-focused,” with member states striving to create a unified registration process, which would allow designers to protect their work across all member countries, making global design protection more accessible.

In his opening remarks, Al-Swailem highlighted that this conference is a pivotal moment—the first time in 25 years the international intellectual property community has convened to collectively support global design innovation.

He noted that Saudi Arabia is contributing actively to international IP organizations and is committed to enhancing global cooperation to support creators and innovators.

Through SAIP, the Kingdom has launched its first National Intellectual Property Strategy, a comprehensive framework to foster innovation and creativity across the nation, according to Al-Swailem. Last year, the Crown Prince announced a $340 million investment to support this strategy, reinforcing the Saudi commitment to intellectual property advancement. These efforts have led to Saudi Arabia’s rise of 18 positions in WIPO’s Global Innovation Index since 2021, placing it 46th globally and among the world’s top 50 innovation leaders.

WIPO Director General Daren Tang praised the event as a “historic moment,” applauding Saudi Arabia’s rise in the Global Innovation Index due to its concentrated efforts on intellectual property.

The proposed Design Law Treaty aims to establish a standardized legal framework for the registration and protection of design rights, covering essential elements like application details, imaging requirements, and filing and publication dates.

WIPO, comprising 193 member states, has administered international treaties on intellectual property since 1982, when Saudi Arabia joined. The organization currently oversees 26 treaties, including those on industrial property and copyright.



Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.