Deal to Reschedule Jordanian Debts to KFAED

Ghanim and Obeidat during the signing ceremony. Asharq Al-Awsat
Ghanim and Obeidat during the signing ceremony. Asharq Al-Awsat
TT

Deal to Reschedule Jordanian Debts to KFAED

Ghanim and Obeidat during the signing ceremony. Asharq Al-Awsat
Ghanim and Obeidat during the signing ceremony. Asharq Al-Awsat

Jordan’s Ministry of Planning and International Cooperation and the Kuwait Fund for Arab Economic Development (KFAED) have signed an agreement to reschedule Jordanian debts.

The deal comes as part of Kuwait’s continued support to Jordan through KFAED to help it confront the economic challenges that the country faces due to instability in the region.

The rescheduled debts are worth 300.7 million dollars.

The acting secretary-general of the Jordanian Ministry of Planning and International Cooperation, Ziad Obeidat, and KFAED’s operations department director Marwan al-Ghanim signed the deal in Amman on Thursday.

In a statement, Obeidat said the agreement aims to schedule Jordanian debts accumulated as a result of 17 loans.

It would be paid off during a period of 40 years with a 15-year grace period and a one-percent interest. 

Obeidat thanked the KFAED, the Kuwaiti government, and people for their generosity, affirming that Jordan welcomed all gestures of solidarity during periods of economic strife.

On his part, Ghanim lauded relations with Jordan, stressing that Kuwait would help Amman achieve economic stability.

Kuwait had deposited 500 million dollars at Jordan’s Central Bank to meet pledges it made at the Makkah summit in June.



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)
TT

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.