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Saudi Financing Initiatives Seek to Earmark 20% of Lending Program to SMEs

Saudi Arabia’s development funds announced a set of initiatives to alleviate the repercussions of the Corona pandemic on SMEs. (Asharq Al-Awsat)
Saudi Arabia’s development funds announced a set of initiatives to alleviate the repercussions of the Corona pandemic on SMEs. (Asharq Al-Awsat)
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Saudi Financing Initiatives Seek to Earmark 20% of Lending Program to SMEs

Saudi Arabia’s development funds announced a set of initiatives to alleviate the repercussions of the Corona pandemic on SMEs. (Asharq Al-Awsat)
Saudi Arabia’s development funds announced a set of initiatives to alleviate the repercussions of the Corona pandemic on SMEs. (Asharq Al-Awsat)

Saudi Arabia’s development funds have announced measures to support government initiatives to alleviate the economic impact of the coronavirus pandemic, with the SMEs and the medical sector receiving a great share.

The Kingdom launched initiatives to support small and emerging projects, with the aim to earmark 20% of the lending portfolio to this segment, at a value amounting to 118 billion riyals ($31.5 billion).

The National Development Fund recently announced programs worth 22 billion riyals ($5.8 billion) in support of development priorities and economic needs within the urgent initiatives announced by the government to face the consequences of the novel coronavirus.

Saeed Al Zahrani, Assistant Director General of the Social Development Bank (SDB), said the Kingdom was planning to support small and emerging projects within the framework of a portfolio of 118 billion riyals. His remarks came during a virtual session held in Riyadh on Thursday, to reveal financing initiatives in support of the SMEs.

For his part, Ahmed Al-Gwaiz, Vice President of the Saudi Industrial Development Fund (SDIF), said that the priority in programs and initiatives focuses on essential activities, especially the medical sector and health supplies.

He emphasized that the SDIF vision was to maintain the sustainability of those projects after the end of the pandemic.

Gwaiz underlined that the Fund was seeking to finance 40 projects in the medical sector. Requests for three projects have been implemented to date, at a value of 150 million riyals, while other requests are being considered, he said.

Bader Almalik, Vice President of the Saudi Agricultural Development Fund, announced the postponement of installments for 4,000 beneficiaries until September, in order to support their work during the current period.

He also revealed initiatives to stimulate SMEs through operating and indirect loans amounting to 300 million riyals.

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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.