عربي English Türkçe اردو فارسى
Logo
Latest News
Business

G20 Meetings Seek Financial, Monetary Solutions to Boost Economic Growth

The Saudi capital, Riyadh, hosts a two-day meeting of G20 finance ministers and central banks on February 22, 2020. (EPA)
The Saudi capital, Riyadh, hosts a two-day meeting of G20 finance ministers and central banks on February 22, 2020. (EPA)
TT
TT

G20 Meetings Seek Financial, Monetary Solutions to Boost Economic Growth

The Saudi capital, Riyadh, hosts a two-day meeting of G20 finance ministers and central banks on February 22, 2020. (EPA)
The Saudi capital, Riyadh, hosts a two-day meeting of G20 finance ministers and central banks on February 22, 2020. (EPA)

The G20 Finance Ministers and Central Bank Governors meetings taking place in Saudi Arabia's capital on Saturday and Sunday seek to enhance economic growth through financial mechanisms.

The talks will be chaired by the Kingdom’s Finance Minister Mohammed al-Jadaan and central bank governor Ahmed al-Kholifey.

For his part, Kholifey said the meetings will discuss the world's economic situation and mechanisms for facing global monetary, financial and economic challenges.

He said the Kingdom looks forward to more cooperation with G20 member states and participating parties to achieve the common target of promoting strong, sustainable and balanced economic growth and making a tangible positive impact in the long run.

The shift to the accrual basis is a national and strategic project, said Finance Ministry official Abdulaziz al-Freih, during a dialogue session in the first meeting for G20 financial managers in the public sector.

Freih affirmed the support provided by the government for the project implementation, noting that it has issued a royal decree to shift all financial departments to this new accounting system.

The official also highlighted the ability of all government agencies to switch to accounting on an accrual basis and to complete the initiative.

He said the Ministry is aware of the size of the challenges related to preparing the human element, managing technical financial systems, controlling and evaluating the assets.

Freih said a path has been established to deal with each of these challenges properly.

He stressed the need for transformation per the accounting standards of the public sector, to enhance the quality of accounts and know the obligations accurately for proper planning.

The experiences of countries that preceded the Kingdom in the transformation were taken into consideration during the first stages of the project, as well as the recommendations of international organizations.

The project is state-owned and not limited to the finance ministry, Freih explained, pointing out that the human cadres represent the main element for its success.

A training program was provided to empower these cadres through the virtualization and e-training platforms.

Meanwhile, Deputy Minister for Accounts in the Finance Ministry Hamad Alkanhal said the ministry has been keen to provide transformation empowerment tools and test them in the experimental application to make sure the actual application of these outputs is appropriate.

He also stressed the role of government agencies as partners in the transformation process, adding that they helped the ministry reach the stage of identifying and describing and proposed possible solutions.

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.