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Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs

Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs
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Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs

Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs

A senior delegation from Bahrain led by the Capital Governor Sheikh Hisham bin Abdulrahman Al Khalifa and organized by the Bahrain Economic Development Board (EDB) concluded its visit to Shenzhen, China, by signing eight Memorandums of Understanding (MoU) to strengthen cooperation between the two countries.

The Bahraini delegation met with Vice Mayor of Shenzhen, Ai Xuefeng, and a number of local government officials and business leaders at the Bahrain – Shenzhen Business Forum and the China High-Tech Fair.

An MOU between EDB and the artificial intelligence (AI) firm, Intellifusion Technologies was signed to advance AI dynamic portrait recognition that can benefit China, Bahrain, and the Middle East.

EDB partnered with Shenzhen FinTech company to establish a full mobile payment gateway in Bahrain and explore opportunities in crypto-currency, in addition to the possibility of initiating FinTech Funds.

An MOU between EDB and Shenzhen Outbound Alliance aimed at strengthening economic cooperation, information exchange, and establishing a regular communication channel for business information, and investment opportunities.

In addition, the delegation signed a memorandum with Softbank China Capital – Wonder News aiming to encourage Softbank China Capital and their investment portfolio companies to establish a presence in Bahrain and use it as a regional hub to cover the Middle East.

EDB and 4PX signed an MOU exploring the possibility of 4PX initiating and establishing funds together with Bahraini companies in order to invest in entrepreneurship in both countries.

EDB and Shenzhen Cool-hi Network Culture Technology partnered to promote the development of E-sports between the Middle East and China including hosting E-sports events.

Bahrain Chamber of Commerce and Industry (BCCI) signed an MOU with the China Council for the Promotion of International Trade Shenzhen Branch (CCPITSZ) to harness and enhance collaborative initiatives to promote trade and investments between the two countries.

After that, EDB also established an MOU with CCPITSZ to enhance collaborative initiatives between Bahrain and Shenzhen, strengthening information exchange and cooperation in economic and business activities.

Al Khalifa explained that the partnership with Shenzhen was built on common heritage as open and innovative business hubs with shared economic interests.

“We are very pleased to see our ties with this vibrant city continue to strengthen and believe these agreements will help us move towards a new era of collaboration,” he asserted.

Chief Executive of EDB Khalid al-Rumaihi also commented on the matter saying that Shenzhen is the first city with which Bahrain established a friendship city agreement in China.

He indicated that there are numerous opportunities for Chinese companies in the region, especially as the GCC markets continue to transform their economies.

“Bahrain’s location as the Gateway to the Gulf, and given the fact that it is one of the key countries along the new Belt and Road route, along with our open and liberal lifestyle, competitive business landscape, and world-class regulation makes the Kingdom the ideal location from which Chinese companies can access this $1.5 trillion GCC market,” concluded Rumaihi.

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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.