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.



Oil Rises to Near Seven-month Highs on US-Iran Tensions

FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo
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Oil Rises to Near Seven-month Highs on US-Iran Tensions

FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo

Oil prices rose on Tuesday, nearing seven-month highs, with traders assessing risks to supply from any military escalation as another round of US-Iran nuclear talks loomed.

Brent crude futures rose 48 cents, or 0.7%, to $71.97 a barrel by 0658 GMT, while US crude futures climbed 45 cents, or 0.7%, to $66.76 a barrel.

Brent is trading at its highest since July 31, while WTI is at its firmest since August 1.

"At this stage, geopolitics is clearly doing most of ‌the heavy lifting for ‌oil prices, with the current firmness largely driven by ‌anticipation ⁠rather than actual ⁠supply loss," said Phillip Nova senior market analyst Priyanka Sachdeva.

"The risk of possible military escalation in the Middle East is gaining traction, and thus, traders appear to hedge against worst-case scenarios."

Iran and the US will hold a third round of nuclear talks on Thursday in Geneva, Oman's Foreign Minister Badr Albusaidi said on Sunday.

The United States wants Iran to give up its nuclear program, but ⁠Iran has adamantly refused, and denied it is trying to ‌develop an atomic weapon.

The State Department is ‌pulling out non-essential government personnel and their families from the US embassy in ‌Beirut, a senior State Department official said on Monday, amid growing concerns about ‌the risk of a military conflict with Iran.

US President Donald Trump said in a social media post on Monday that it will be a "very bad day" for Iran if it does not make a deal.

"In the near-term, geopolitical factors related to ‌the US-Iran conflict are likely to be the primary driver for oil prices," said OANDA senior market analyst Kelvin ⁠Wong.

"For now, WTI ⁠crude oil is evolving in a short-term bullish dynamic, holding above its 20-day moving average, acting as a key short-term support at $63.90/barrel."

On the trade policy front, Trump on Monday warned countries against backing away from recently negotiated trade deals with the US after the Supreme Court struck down his emergency tariffs, saying that he would hit them with much higher duties under different trade laws.

"US President Donald Trump created uncertainty for global growth and fuel demand with a new round of tariff hikes," UOB Bank analysts said in a client note.

Trump said on Saturday he would raise a temporary tariff to 15% from 10% on US imports from all countries, the maximum level allowed under the law.


FedEx Sues US for Refund on Trump's Emergency Tariffs

A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 
A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 
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FedEx Sues US for Refund on Trump's Emergency Tariffs

A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 
A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 

Global transportation company FedEx on Monday filed a lawsuit in the US Court of International Trade seeking a refund for President Donald Trump's emergency tariffs, one of the highest profile moves to recover funds since the US Supreme Court last week deemed the tariffs illegal.

A flood of lawsuits to recover billions of dollars is expected by trade attorneys after the blockbuster ruling. The recovery process still has to be worked out by a lower court, though, complicating the matter, according to Reuters.

More than $175 billion in US tariff collections are subject to potential refunds after the US Supreme Court on Friday ruled 6-3 that Trump overstepped his authority by using the International Emergency Economic Powers Act, a sanctions law, to impose tariffs on imported goods, Penn-Wharton Budget Model economists said.

“Plaintiffs seek for themselves a full refund from Defendants of all IEEPA duties Plaintiffs have paid to the United States,” FedEx said in the lawsuit, referring to tariffs Trump imposed.

FedEx and its logistics arm served as importer of record on goods subject to IEEPA tariffs. The Memphis-based company did not provide the dollar value of the refund it is seeking.

FedEx in its lawsuit named US Customs and Border Protection, the agency's commissioner Rodney Scott and the United States of America as defendants. CBP and the White House did not immediately respond to requests for comment.

Washington, DC-based Crowell & Moring is representing FedEx in the lawsuit and referred Reuters to the company, which did not immediately comment.

 

 


Turkish Central Bank Total Reserves Fell Nearly $6 Bln Last Week, Bankers Say 

People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
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Turkish Central Bank Total Reserves Fell Nearly $6 Bln Last Week, Bankers Say 

People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)

The Turkish Central Bank's total reserves are expected to have decreased by around $5.8 billion last week to $206 billion, due to a eurobond redemption, bankers ‌said.

Three bankers ‌consulted by ‌Reuters ⁠calculated that net reserves ⁠decreased by $7 billion to $89 billion in the week ending February 20.

Bankers estimated that ⁠an increase in ‌gold ‌prices in the week ‌to February 20 ‌had an upward impact of around $1 billion on reserves. According to ‌the calculations, the central bank sold $3 ⁠billion ⁠in the market last week.

The reserve calculations are based on preliminary data from the central bank. Official data will be released on Thursday.