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Saudi Govt. Spending Increases 25% at End of Third Quarter

Custodian of the Two Holy Mosques King Salman bin Abdulaziz chairs a cabinet session (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz chairs a cabinet session (SPA)
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Saudi Govt. Spending Increases 25% at End of Third Quarter

Custodian of the Two Holy Mosques King Salman bin Abdulaziz chairs a cabinet session (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz chairs a cabinet session (SPA)

In a new sign that confirms the strength and vitality of the Saudi economy, non-oil revenues jumped 48 percent by the end of the third quarter of 2018 compared to the same period last year, while the volume of government spending increased 25 percent during the same period.

Saudi cabinet on Tuesday commended these latest figures, which reflect the positive results of reform measures and tremendous efforts to develop the economy.

The cabinet pointed out that the 48 percent growth of non-oil revenues and 25 percent growth of government spending contributed effectively to supporting economic growth.

These positive developments coincided with Saudi Arabia’s announcement of the 2019 budget, where total spending is expected to reach $295 billion, 7 percent higher than this year’s.

Meeting in Riyadh, the government also approved the amendment of Articles (4) and (5) of the Telecommunications Law, as part of its attempt to increase the efficiency of the telecommunications sector and boost the local economy.

Article 4 states that telecommunication services can only be provided through companies offering their shares for public offering, while Article 5 stipulates that license to provide mobile telecommunications services is subject to cabinet’s approval.

The decision to provide mobile telecom services through joint stock companies holds major economic and developmental significance. This decision will improve the financial and administrative performance of companies, in addition to adding value to the local financial market by listing more companies that operate.

Specialized reports show that the number of mobile subscribers by the end of last year was about 40 million, while pre-paid subscribers reached 74.8 percent. Last year’s number of subscriptions to telecommunications services was about 126.7 percent compared to the population.

The Communications and Information Technology Commission reported that the number of landlines at the end of last year was 3.6 million.

Regarding broadband services, the report showed that subscribers over the mobile networks by the end of last year reached 29.7 million, while subscribers through fixed networks reached 2.5 million.

According to the published financial results of listed companies of the ICT sector in the Saudi stock market, positive growth reached 6.04 percent during the first nine months of 2018, compared to the same period last year.

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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.