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Initiatives Boost Progression of Saudi Investment Environment Internationally

Initiatives Boost Progression of Saudi Investment Environment Internationally
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Initiatives Boost Progression of Saudi Investment Environment Internationally

Initiatives Boost Progression of Saudi Investment Environment Internationally

The Saudi trade and investment system has strengthened its success through a series of qualitative initiatives that have been undertaken over the past period in the light of the Kingdom’s Vision 2030.

In the past period, global indicators have witnessed many achievements that contributed to improving the ranking of the Global Competitiveness Report for the first time in six years.

It reached the 39th position in the world, achieved the fourth place at the G20 level in business environment reforms in the World Bank 2019 report, and the seventh globally in the minority shareholder protection index.

The system implemented initiatives aimed at improving the business environment, facilitating business, enacting new legislative regulations and other amendments to provide an attractive and fair investment and trade environment, raise awareness and protection of consumer and merchant, and develop e-services.

The trade and investment system has taken advanced steps in improving the business environment. During the past period, a number of initiatives and projects have been launched.

Among these projects and initiatives is the establishment of the General Authority of Small and Medium Enterprises, the Saudi Intellectual Property Authority (SIPA), the Saudi Business Center and the E-Commerce Council.

It has also launched Maras initiative, the Small and Medium Enterprises Support Center in Riyadh, new customer service centers for the business sector, Bayan Credit Bureau and Investment Atlas and issued Business Licensing Guide to business activities.

The system continues to work to improve the business environment within the framework of planned strategies and projects aimed at making business easier in order to attract value-added foreign investments.

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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.