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Saudi Arabia: SEZ Pushes for Localizing Domestic Capital

Saudi Arabia: SEZ Pushes for Localizing Domestic Capital
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Saudi Arabia: SEZ Pushes for Localizing Domestic Capital

Saudi Arabia: SEZ Pushes for Localizing Domestic Capital

Saudi Arabia wants to encourage greater localization of domestic capital and push for more foreign investment, in accordance with the recent royal order to amend the organization of Economic Cities Authority (ECA).

The amendments aim to change the pattern of the current economic cities and raise their capabilities and suitability to become special economic zones.

The Authority's name and functions will also be amended to include special economic zones, becoming the Economic Cities and Special Zones Authority.

The Authority will assume full administrative and financial supervision over the economic cities and special zones aiming to localize domestic capital and attract foreign investment.

According to the details of the revised regulation, of which Asharq Al-Awsat received a copy, the authority will supervise and regulate the SEZ of the relevant authorities, namely the conclusion of agreements and contracts, developing plans and programs, and conducting the necessary studies for the development of the economic cities and zones.

These adjustments are consistent with Saudi Arabia’s intention towards improving logistics programs and creating integrated infrastructure.

Saudi Arabia’s logistics sector comes within the National Industrial Development and Logistics Vision Realization Program (NIDLP) which aims to transform the Kingdom into a leading industrial power and an international logistics platform in a number of promising areas, seeking to generate employment opportunities for Saudi cadres, boost trade balance, and maximize local content.

The Authority will be concerned with reviewing and approving the general plans of economic cities and special zones, ensuring their proper application, and agreeing to any amendment proposed by developers on the general plan.

It is also responsible for issuing and defining fees for commercial, industrial, service, professional, educational, training, and health licenses. In addition to granting usufructuary rights and establishing companies or entering as partner, in accordance with the established regulatory procedures.

The revised regulation enables the Authority of being responsible for conducting comparative studies and research on customs, taxes, and other incentives to consider their feasibility and propose their application in economic cities and special zones.

The regulation requires establishing comprehensive service centers in which governmental and non-governmental agencies provide all types of services to developers, operators, investors, workers, and residents.

The Authority will also promote local and global investment opportunities available in economic cities and special zones.

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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.