IsDB Signs 91 Financing Agreements with Member Countries in Marrakesh

A view of the exterior building of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018. Picture taken May 31, 2018. REUTERS/Reem Baeshen
A view of the exterior building of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018. Picture taken May 31, 2018. REUTERS/Reem Baeshen
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IsDB Signs 91 Financing Agreements with Member Countries in Marrakesh

A view of the exterior building of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018. Picture taken May 31, 2018. REUTERS/Reem Baeshen
A view of the exterior building of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018. Picture taken May 31, 2018. REUTERS/Reem Baeshen

The Islamic Development Bank (IsDB) has announced that the approved funding by all branches exceeded USD21.72 billion in 2018.

IsDB President Dr. Bandar Hajjar announced during a news conference, marking the release of the 2018 Annual Report on the occasion of the 44th Annual Meeting in Marrakesh, that a total of 91 financing agreements were signed in Marrakesh with member countries.

In 2018, the three development financing members of the Group (IsDB, ICD, and ITFC) all together approved a total of USD7 billion, he added.

These development financing operations were targeted to provide critical enablers for the economic transformation of 57 member-countries as their road to achieving the Sustainable Development Goals (SDGs).

Hajjar added that IsDB funding for the member countries since its establishment 44 years ago exceeded USD138 billion – Morocco’s stake totaled USD7 billion. He continued that 2018 was known for launching several new funds.

Mohamed Benchaaboun, IsDB Governor and Minister of Economy and Finance, said that this edition of the bank’s meetings coincides with the beginning of a new strategy focused on supporting member countries integration with global value chains.

Benchaaboun clarified that Morocco has all the required components to get involved in the new strategy of the bank, therefore Morocco is the first country to sign an agreement within this framework – covering 2019-2022.



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.