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Saudi Government Releases Plan to Reopen Economy

Saudi Finance Minister Mohammed al-Jadaan holds a virtual conference on the impact of the novel coronavirus on the Kingdom, Asharq Al-Awsat
Saudi Finance Minister Mohammed al-Jadaan holds a virtual conference on the impact of the novel coronavirus on the Kingdom, Asharq Al-Awsat
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Saudi Government Releases Plan to Reopen Economy

Saudi Finance Minister Mohammed al-Jadaan holds a virtual conference on the impact of the novel coronavirus on the Kingdom, Asharq Al-Awsat
Saudi Finance Minister Mohammed al-Jadaan holds a virtual conference on the impact of the novel coronavirus on the Kingdom, Asharq Al-Awsat

Saudi Arabia on Thursday rolled out a six-point post-coronavirus economic plan that promises reopening the economy and the gradual return of business sectors to work. The plan, however, did not set a date.

The virus crisis is expected to continue effecting the health sector and the rest of the economy until the end of 2020.

Finance Minister Mohammed al-Jadaan confirmed that the committee tasked with addressing challenges imposed by the virus crisis is convening daily to review initiatives, decisions and procedures.

He added that work teams overseen by the committee “continue to work around the clock to monitor the situation.”

In a press conference, Jadaan revealed the economic plan in which the health sector is a priority. The plan is set to work gradually to ensure caution and continued monitoring whereby the return of economic and commercial activity will be partial.

One of the plan’s approaches to reopen the economy is to prioritize vital activity which ensures the provision of basic services and commodities. This is provided that returning firms take all preventative measures.

“We expect the crisis to continue for a period of months, perhaps to the end of this year in the health aspect,” Jadaan said, adding that the gradual reopening of the economy will remain subject to decisions of lockdown if the need arises.

The Finance Minister revealed that the government will announce additional measures to support the economy before the end of June.

The government has also announced redistribution of public expenditure to ensure that spending is directed to certain sectors, such as the healthcare. Meanwhile, public spending on certain activities such as travel, and entertainment will be postponed in light of the current conditions.

The Kingdom, however, is committed to providing all resources to protect its citizens and support the healthcare sector, Jadaan said, expecting gross domestic product (GDP) to be impacted this year.

The Kingdom’s reserves helped it face the coronavirus crisis from a position of strength and provide the necessary support for the healthcare sector.

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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.