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Finance Minister: Saudi 2020 Budget Focuses on Spending Efficiency, Privatization

The Saudi Finance Minister speaks at a press conference in Riyadh. (SPA)
The Saudi Finance Minister speaks at a press conference in Riyadh. (SPA)
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Finance Minister: Saudi 2020 Budget Focuses on Spending Efficiency, Privatization

The Saudi Finance Minister speaks at a press conference in Riyadh. (SPA)
The Saudi Finance Minister speaks at a press conference in Riyadh. (SPA)

Saudi Arabia announced a 1.02 trillion riyal ($272bn) budget for 2020 with revenues forecast at 833 billion riyals ($222.1bn).

The Kingdom’s finance minister, Mohammed al-Jadaan, attributed lowered spending to the success achieved in empowering the private sector and realizing efficiency in spending.

In statements made on controlling the deficit during the past four years, Al-Jadaan said that the government was able to reduce the deficit from levels much higher than 13 percent, to 9 percent and to 4.7 percent this year.

He added that it is important to focus on the two main components, namely, supporting economic growth, which he described as a major goal of the government, as well as ensuring financial sustainability.

“The budget demonstrates the government's keenness to enhance and sustain economic growth while ensuring fiscal sustainability,” he remarked during a press conference.

“We have adopted economic policies that target the growth of non-oil GDP, improving the quality of services provided to our citizens and raising the efficiency and effectiveness of government spending, especially social spending,” he stressed.

“Simultaneously, the government continues its steadfast commitment to empowering the private sector’s role in the economy, job creation and diversification of investment under the umbrella of Saudi Vision 2030 objectives.”

He also noted that the 2020 budget statement shows notable growth in various economic sectors during 2019, including a growth rate in private non-oil GDP of 3.4 percent during the second quarter of the year.

He also emphasized that the government will continue the implementation of its strategic objectives, aimed at economic diversification, by establishing a suitable environment for investment in promising sectors while providing a stable economic framework.

Speaking on digital transformation, Al-Jadaan confirmed that the government has achieved big leaps.

“We have reached advanced stages in achieving the goals of the Kingdom’s Vision 2030, with regard to diversification of revenues,” he told reporters.

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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.