عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Among Top Countries on GCI

World Economic Forum Logo
World Economic Forum Logo
TT
TT

Saudi Arabia Among Top Countries on GCI

World Economic Forum Logo
World Economic Forum Logo

Saudi Arabia improved three positions, reaching 36th, on the global competitiveness index (GCI), as the Kingdom makes strides to diversify its economy.

According to the annual Global Competitiveness Report issued by the World Economic Forum, Saudi Arabia came third in terms of “technology governance” which measures how the legal frameworks in the country are adapting to digital business models.

The report said Saudi Arabia succeeded in diversifying its economy when it jumped three places in the classification. The non-oil sector is expected to expand in 2019, and further public and private investments outside the mineral sector will be deployed over the next few years.

In details, Saudi Arabia came in: 37th at the institutional quality level, 34th in infrastructure, 1st in economic stability, 58th in health, 25th in skills, 19th in the production markets, 89th in the labor market, 38th in the financial system, 17th at the level of market size, and 36th at the level of innovation capability.

Developing countries are rushing to fight corruption and results were yielded in some emerging economies. Meanwhile, corruption caused about $2.7 trillion annual loss at the level of global economy, announced adviser at OECD Directorate for Financial and Enterprise Affairs Isabel Cane.

Speaking to Asharq Al-Awsat, Cane asserted Saudi Arabia has made progress in combating corruption with its legislation and regulations.

Cane cited the rate of competitiveness as one of the most important tools against which integrity promotion system is measured in the countries' economies.

She expects corruption to recede at clear rates in Saudi Arabia over the next five years.

Cane was attending SABIC’s “Promoting Integrity and Transparency for Growth” Forum with the participation of over 100 leaders from the local and global business community.

She noted that the growing awareness of new generations on corruption, adding to that the increased level of integrity as well as development of regulations and legislation, as the case of Saudi Arabia, gives hope about the near future. 

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.