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Saudi Stocks Resume Trade Activity, Jump 137 Pts

Saudi Stocks Resume Trade Activity, Jump 137 Pts
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Saudi Stocks Resume Trade Activity, Jump 137 Pts

Saudi Stocks Resume Trade Activity, Jump 137 Pts

Saudi stock market gains jumped on Tuesday with trade activity resuming after a two-day holiday celebrating the Kingdom’s 88th National Day.

Jumping 137 points, the Saudi index closed at 7,905 points on Tuesday, well above its 200-day average. Analysts read into the jump as a positive technical signal for the index.

The number of shares traded exceeded 121 million shares in over 99 thousand transactions.

In a related context, the Saudi Arabian Capital Market Authority (CMA) approved the initial public listing of 30 percent, or 6 million shares, of Gulf Steel Works Company.

"The prospectus will contain the information and data that the investor needs to know before making the investment decision or not, especially with respect to share prices and financial statements of companies," the market regulator said in a statement.

The prospectus will include all relevant information including the share price, the company's financial statements, activities and management. The document will be published within sufficient time prior to the start of the subscription period.

According to the CMA, the approval will be valid for six months from the board resolution date and will be canceled if the offering and listing of the company's shares are not completed within this period.

However, the CMA approval of the request should not be considered as an endorsement of the feasibility of the investment in the offering or in the shares of the company concerned.

The decision to approve the request means that the regulatory requirements have been complied with in accordance with the Capital Market Law and its Implementing Regulations, the CMA’s statement added.

These developments come after the Saudi Council of Economic and Development Affairs (CEDA) approving the Financial Sector Development Program 2020, which is one of the main programs to achieve goals of the Saudi Vision 2030.

The program’s objectives include creating a diversified and effective financial services sector to support the development of the national economy, diversify its sources of income, and stimulate savings, finance, and investment by addressing the sector’s challenges.

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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.