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Strong Demand by Investors for Jordan’s ‘Eurobonds’

Jordan's Finance Minister Omar Malhas delivering his speech on state budget bill for 2017. Petra
Jordan's Finance Minister Omar Malhas delivering his speech on state budget bill for 2017. Petra
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Strong Demand by Investors for Jordan’s ‘Eurobonds’

Jordan's Finance Minister Omar Malhas delivering his speech on state budget bill for 2017. Petra
Jordan's Finance Minister Omar Malhas delivering his speech on state budget bill for 2017. Petra

Jordan has successfully issued $1 billion worth of Eurobonds on international markets at an interest rate of 7.375 percent and under a maturity period of 30 years, according to a Ministry of Finance statement.

Underwriting applications for the bonds surpassed $4.3 billion; more than 400 per cent of the issuance value, the ministry said, adding that more than 240 investors, including major investment funds from the US, the UK and Europe participated in the underwriting.

Minister of Finance Omar Malhas said Tuesday that the issuance comes within "the set limits" in the General Budget Law, stressing that it will not push public debt above that targeted level and does not deviate from the government's financial reform plans.

Malhas noted that Jordan has indulged in a financial reform program in cooperation with the International Monetary Fund to reduce the public debt ratio to GDP from 95 percent to 77 percent by 2022.

For his part, Secretary-General of the Ministry of Finance Ezzedine Kanakariya said the yield on these bonds would be used to finance the treasury's needs, including paying off local bonds that will be matured by the end of the year.

He added that the issuance would secure the local private sector access to funding to implement its financial plans.

Notably, a team from the Ministry of Finance and the Central Bank made a tour last week to market the Eurobonds, during which the members met more than 60 international companies from the largest investment funds and presented the economic, financial and procedural developments and plans for implementing Jordan's financial reform program.

Khalid Darwish from JP Morgan and Ziad Qutami from Citigroup managed the issuance process in global markets.

Jordan’s Ministry of Finance announced in April that it had successfully issued $500-million worth of Eurobonds on international markets.

The bond was sold with a yield rate of 5.875 percent, the ministry said.

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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.