عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Revenues Grow 57% during Q3 2018

A Saudi money changer, pictured through a glass, arranges US banknotes at a currency exchange shop in Riyadh, Saudi Arabia on September 29, 2016. REUTERS/Faisal Al Nasser
A Saudi money changer, pictured through a glass, arranges US banknotes at a currency exchange shop in Riyadh, Saudi Arabia on September 29, 2016. REUTERS/Faisal Al Nasser
TT
TT

Saudi Revenues Grow 57% during Q3 2018

A Saudi money changer, pictured through a glass, arranges US banknotes at a currency exchange shop in Riyadh, Saudi Arabia on September 29, 2016. REUTERS/Faisal Al Nasser
A Saudi money changer, pictured through a glass, arranges US banknotes at a currency exchange shop in Riyadh, Saudi Arabia on September 29, 2016. REUTERS/Faisal Al Nasser

Saudi Arabia's government revenues hit SAR223.26 billion (USD59.5 billion) for the third quarter — an increase of 57 percent compared to the same period last year. Revenues in the first nine months increased by nearly 47 percent to SAR663.1 billion (USD176.8 billion) compared to the same period in 2017.

The Saudi finance ministry has published the quarterly report of the state budget performance of the third quarter of 2018 on its website.

The non-oil revenues in the first nine months of the year hit SAR211.05 billion (USD56.28 billion) — a year-on-year increase of 48 percent. Oil revenue rose 63 percent to SAR153.95 billion (USD41 billion) during the third quarter, compared to the same period last year.

Although the deficit has fallen, government expenditure increased by 25 percent in the first nine months of the year, reaching SAR712.09 billion (USD189.9 billion).

“The improvement in fiscal performance is reflected by the decrease in the deficit with positive oil and non-oil growth, compared to the same period in 2017, and the planned budget,” Finance Minister Mohammed al-Jadaan said in a statement.

“Regardless of the Q3 positive indicators, challenges in the public finances still exist and require us to maintain our efforts to move forward with our reforms," he added.

“The announced Q3 2018 fiscal figures reflect the improved performance of the public finances during this year,” said Jadaan.

“While clearly assisted by improvements in the oil price internationally, these figures also show the fruits of the successful implementation of many initiatives to develop non-oil revenues and improve spending efficiency,” he added.

These developments coincide with a time when Moody’s Investors Service revealed that Saudi Arabia’s economic growth is set to rise to 2.5 percent by the end of this year and 2.7 percent in 2019. Moody’s has given the kingdom an A1 ‘stable’ rating.

Most Viewed

 
 
Business

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
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.