عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Moroccan PM Calls for Diversifying Resources

Moroccan Prime Minister Saadeddine Othmani gives a speech in Rabat, March 18, 2017. REUTERS/Stringer
Moroccan Prime Minister Saadeddine Othmani gives a speech in Rabat, March 18, 2017. REUTERS/Stringer
TT
TT

Moroccan PM Calls for Diversifying Resources

Moroccan Prime Minister Saadeddine Othmani gives a speech in Rabat, March 18, 2017. REUTERS/Stringer
Moroccan Prime Minister Saadeddine Othmani gives a speech in Rabat, March 18, 2017. REUTERS/Stringer

Moroccan Prime Minister Saadeddine Othmani has called on the government to control expenditures and resort to innovative ways to fund investments in an attempt to ease financial pressures.

In a circular to cabinet ministers, Othmani said the government will suffer from an additional financial burden of around MAD28.5 billion (USD3 billion) due to the implementation of a deal struck with syndicates, which will cost MAD5.3 billion (USD560 million) in 2020.

The minister stressed the importance of intensifying efforts on improving taxation and non-taxation resources.

Othmani emphasized the necessity of carrying out important reforms including the comprehensive reform of retirement regulations and the gradual reform of compensation, along with activating mechanisms of social support.

He placed the country’s financial and economic well being on top of the government’s priorities in drafting the state budget for 2020.

Othmani noted that reinforcing stability and economic development is full of risks, despite huge efforts exerted by Morocco in the past years.

The prime minister urged reconsidering the way investment credits are managed by giving priority to projects backed by international donors and funds, and signed in the presence of King Mohammed VI.

Othmani called for enhancing public investments by adopting a new approach which will be activated gradually starting next year, and which aims at implementing more socially and economically lucrative projects, and to enhance implementation mechanisms, in addition to relying on innovative funding procedures by activating the new legal framework for public-private sector partnerships.

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.