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Qatar: Rise of Foreign, Domestic Debts

A man walks past a branch of Qatar National Bank (QNB) in Riyadh, Saudi Arabia, June 5, 2017. REUTERS/Faisal Al Nasser
A man walks past a branch of Qatar National Bank (QNB) in Riyadh, Saudi Arabia, June 5, 2017. REUTERS/Faisal Al Nasser
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Qatar: Rise of Foreign, Domestic Debts

A man walks past a branch of Qatar National Bank (QNB) in Riyadh, Saudi Arabia, June 5, 2017. REUTERS/Faisal Al Nasser
A man walks past a branch of Qatar National Bank (QNB) in Riyadh, Saudi Arabia, June 5, 2017. REUTERS/Faisal Al Nasser

The Qatari economy continues to face aggravated foreign and domestic debts -- there are several indicators showing that Doha’s economy is facing huge challenges that might affect domestic and foreign investments.

Qatar National Bank data revealed the rise of foreign and domestic debts of the Qatari government and the institutions affiliated with QNB to around QAR574 (around USD158) end of July. The same data showed that the Qatari banks internal claims from the Doha government and its institutions reached around QAR466 billion (USD128 billion) end of July. This indicates a remarkable rise in the first year of diplomatic boycott that Doha is facing by the countries sponsoring the fight against terrorism.

QNB data indicated that the volume of the banking sector claims from the private sector reached around QAR517 billion after it was QAR467 billion, a rise of around QAR60 billion (USD16.5 billion) in one year.

The increase of foreign and domestic debts represents a direct threat to local investments in Doha, as investments require stronger economies. The threats facing Qatar extended to the gas markets in which a global news agency mentioned earlier that Australia has become a danger to Qatar liquid natural gas.

Figures show that foreign investment in Qatar dropped 10.3 percent during the first quarter of 2018. On an annual basis, figures show a drop of QAR77.6 billion (USD21.3 billion), compared to the first quarter of 2017.

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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.