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World Bank Supports Establishment of Jordanian Innovative Startups Fund

The World Bank. (Asharq Al-Awsat Arabic)
The World Bank. (Asharq Al-Awsat Arabic)
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World Bank Supports Establishment of Jordanian Innovative Startups Fund

The World Bank. (Asharq Al-Awsat Arabic)
The World Bank. (Asharq Al-Awsat Arabic)

The Ministry of Planning and International Cooperation signed Monday a $50 million facilitated loan agreement with the World Bank to support the establishment of the Innovative Startups Fund.

The Central Bank of Jordan (CBJ) is willing to support the fund with $48 million, Planning Minister Imad Fakhoury said at the signing ceremony on Monday.

Fakhoury added that the Jordanian government continues to put forth reform plans and programs aimed at boosting economic growth, despite the economic and financial challenges, as well as the political and security instability.

The fund translates one of the key and critical recommendations of the Economic Policy Council held in September 2016. It is also in line with Jordan 2025 vision and the recently adopted Jordan Economic Growth Plan 2018-2022, according to Fakhoury.

He added that Jordan Economic Growth Plan 2018-2022 also consisted of a chapter on support to SMEs projects. The chapter focuses on increasing job opportunities through supporting these projects and promoting entrepreneurship and innovation in various sectors.

The fund will help potential entrepreneurs in further developing their business ideas, connecting them with business incubators and providing venture capital to entrepreneurial small- and medium-sized businesses that prove their ability for sustainability and growth, Fakhoury continued.

The fund will be similar to funds established earlier in Lebanon and Morocco with the support of the World Bank.

Fakhoury said they expect the fund to support 200 innovative business ideas across the country, adding that innovative and entrepreneurial businesses have created 40 percent of the jobs in the Kingdom over the period 2006-2011.

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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.