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Profits of Industrial Investment Companies Jump 57% in Saudi Arabia

Profits of Industrial Investment Companies Jump 57% in Saudi Arabia
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Profits of Industrial Investment Companies Jump 57% in Saudi Arabia

Profits of Industrial Investment Companies Jump 57% in Saudi Arabia

Industrial investment companies, whose shares are listed in the Saudi exchange market, achieved a remarkable leap on the level of profits during the first half of 2018 compared to the same period in 2017.

According to results, profits of industrial investment companies grew 57 percent while the accumulated profits of 16 listed companies reached around SAR1.46 billion (USD390 million).

Maaden achieved during the first half of the year profits of SAR1.15 billion (USD306.6 million); an 83 percent of growth compared to the same period in 2017.

A total number of 10 listed companies in the industrial investment sector reached a remarkable progress in the outcome of the first half of 2018, while profits of six other companies dropped.

A report by Qawaem in 2017 revealed that the growth included the revenues of refined oil products industry, chemical products industry, industry sector, education sector, fishing sector, medicines and pharmacies, health sector, food products sector, and the sector of media and publishing.

It is obligatory that all institutions of the private sector provide Qawaem with financial lists of 2017, within a determined period after the end of the fiscal year.

The Saudi economy has achieved a positive growth in the first quarter of the current year, which is a direct impact of the economic reforms' efficiency.

According to General Authority for Statistics, the domestic product of non-oil sector in Saudi Arabia achieved more positive growth averages during the first quarter of the current year, a growth of 1.6 percent, while the public non-oil sector growth reached around 2.7 percent during the same period.

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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.