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Investment Requests in Saudi Industries Exceed $13 Billion

A worker housing project in Yanbu. (SPA)
A worker housing project in Yanbu. (SPA)
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Investment Requests in Saudi Industries Exceed $13 Billion

A worker housing project in Yanbu. (SPA)
A worker housing project in Yanbu. (SPA)

Official information revealed on Monday that requests for investment in Saudi basic and manufacturing industries in the cities of Jubail and Yanbu amounted to SAR 50 billion ($13.3 billion) during the first quarter of 2020, despite the repercussions of the outbreak of the novel coronavirus.

Royal Commission president for the two cities, Abdullah bin Ibrahim Al-Saadan, said that the Kingdom’s effective steps to protect citizens and residents from the pandemic and the early and firm precautionary measures it has taken have reduced its negative effects on various aspects of life.

Al-Saadan was speaking during a virtual meeting held on Monday with the members of the National Committee for Industry in the Council of Saudi Chambers, with the participation of the executive heads of the Royal Commission, to answer the questions of businessmen and investors from different regions of the Kingdom.

He noted that the industry and mineral wealth sector was the target of great initiatives to support and stimulate the economy and reduce operating costs and financial obligations to the private sector.

Al-Saadan explained that shipping lines that connect the industrial city of Yanbu with the port of Jeddah and East African ports would serve many investors through the quick access to customers and markets at an appropriate cost and would greatly increase the volume of exports and imports in the future.

With regards to employment in industrial areas, he stated that the Royal Commission was working on a development project that targets the workers’ residential areas.

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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.