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300 Million Euros from EIB in Support of Middle East SMEs

European Investment Bank. Eric Vidal/Reuters
European Investment Bank. Eric Vidal/Reuters
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300 Million Euros from EIB in Support of Middle East SMEs

European Investment Bank. Eric Vidal/Reuters
European Investment Bank. Eric Vidal/Reuters

The European Investment Bank (EIB) and Arab Bank have signed a financing agreement of EUR 300 million to support small- and medium-sized enterprises (SMEs) and midcaps in Jordan, Egypt, Lebanon, Morocco and the West Bank.

The operation comes under the EIB’s Economic Resilience Initiative (ERI), aimed at enhancing the prospects for more resilient and inclusive growth as well as creating sustainable employment opportunities in the region.

This new credit line brings the overall EIB finance to private sector development in the EU Southern Neighborhood region to EUR 1.8 billion over the last two years.

The finance agreement is the first EIB’s regional credit line for small and medium businesses in the selected countries.

The EIB’s financing will be channeled by Arab Bank at rates affordable to small and medium businesses in the region, thereby enhancing economic growth through catalyzing and accelerating private investment.

“The EU is supporting Jordan in its ongoing efforts to reinforce the stability and resilience of its economy. We work together with the national authorities, the civil society and the financial sector to support private sector and improve access to finance so that all segments of the population in Jordan – including women, youth and refugees - can equally pick from better and more options to improve their financial and job perspectives,” European Union Ambassador to Jordan Andrea Matteo Fontana said.

Commenting on this landmark transaction, Flavia Palanza, Director of EU Neighboring Countries at the EIB, said the cooperation with Arab Bank “will contribute to speed up the delivery of vital finance to support the investments of small and medium enterprise in Jordan, Egypt, Lebanon, Morocco and the West Bank. SMEs play an important role in job creation, innovation and sustainable economic growth.”

“As the Bank of the European Union, our aim is to contribute to building stronger and resilient economies that create jobs. Supporting private sector in the EU neighborhood region is a priority under the Bank’s Economic Resilience Initiative.”

As for Arab Bank’s CEO, Nemeh Sabbagh, he said: “This very special initiative is fully aligned with our constant efforts towards supporting economic growth and development in Jordan and our region.”

“The support for the SME sector is also a key priority of governments throughout the MENA region … we are proud to be able to contribute to the overall success of this sector,” he added.

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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.