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Jordan Cabinet Approves USD13 Billion Budget for 2019

Image used for illustrative purpose. A general view of Amman city shows the turrets of the "Jordan Gate" project. REUTERS/Muhammad Hamed
Image used for illustrative purpose. A general view of Amman city shows the turrets of the "Jordan Gate" project. REUTERS/Muhammad Hamed
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Jordan Cabinet Approves USD13 Billion Budget for 2019

Image used for illustrative purpose. A general view of Amman city shows the turrets of the "Jordan Gate" project. REUTERS/Muhammad Hamed
Image used for illustrative purpose. A general view of Amman city shows the turrets of the "Jordan Gate" project. REUTERS/Muhammad Hamed

Jordan’s cabinet approved a JOD9.25 billion (USD13 billion) budget for 2019 as part of a reform of public finances to ease the country’s record debt burden and spur economic growth hit by conflict in the region.

The budget, which will be sent to parliament for approval, envisaged a deficit equal to 2 percent of Jordan’s gross domestic product.

The main features of the draft law indicate that the general revenues were estimated at USD12.14 billion with USD11.29 billion as domestic revenues and USD850 million dinars as foreign grants.

Spending of 2019 was estimated at USD13.04 billion, a rise of USD616 million compared to the current year.

The current expenditure increase was 3.3 percent compared to 2018 in what was attributed to normal growth in expenditure related to the annual increase in the salaries of public employees, the increase in allocations of the National Aid Fund, and an upgrade in the share of the healthcare system.

The deficit in the 2019 budget amounted to USD910 million after grants, constituting 2 percent of GDP, down from USD1.15 billion in the re-estimated value for 2018 at 2.7 percent of GDP.

The draft law estimated an increase in financial solvency indicators for the coming year’s budget coverage for public expenditures from 80.1 percent re-estimated value in 2018 to 86.5 percent in 2019. The draft budget law saw a rise in domestic revenues to cover 100 percent of current expenditure, up from 90.8 percent re-estimated value this year.

Jordan's public finances are under strain and the government is struggling to curb a public debt of more than USD37 billion, equivalent to 96 percent of GDP.

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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.