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Foreign Investors Allowed to Have Larger Role in Algeria Non-Strategic Projects

A general view of the upper parliament chamber is pictured in Algiers, Algeria February 2, 2016. REUTERS/Ramzi Boudina/Files
A general view of the upper parliament chamber is pictured in Algiers, Algeria February 2, 2016. REUTERS/Ramzi Boudina/Files
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Foreign Investors Allowed to Have Larger Role in Algeria Non-Strategic Projects

A general view of the upper parliament chamber is pictured in Algiers, Algeria February 2, 2016. REUTERS/Ramzi Boudina/Files
A general view of the upper parliament chamber is pictured in Algiers, Algeria February 2, 2016. REUTERS/Ramzi Boudina/Files

Algerian lawmakers approved a law on Sunday allowing foreign investors to take majority stakes in projects in "non-strategic sectors" as Algeria seeks to diversify its economy away from oil and gas.

MPs also endorsed hikes in gasoline and diesel prices and new taxes on cars to help the country offset a sharp fall in energy earnings.

"The economic downturn worsened after the coronavirus outbreak. The state is working to reduce the social effects of this crisis and improve sources of public income," Finance Minister Abderrahmane Raouya told parliament.

The government announced its plan to open up non-strategic sectors to greater foreign investment early this year and the OPEC member's need for diversification has been made more acute by the recent crash in oil prices following the coronavirus pandemic.

The slide in global crude oil prices forced the Algerian government to cut spending and postpone projects previously planned for 2020, although it kept subsidy policy unchanged to avoid social unrest.

As a result, the government expects the economy to shrink by 2.6% this year, against 0.8% growth in 2019.

After Sunday’s approval of the law, the cost of regular gasoline, premium gasoline and unleaded gasoline will rise by 5.7%, and the price of diesel will increase by 15%.

"The price increases are harmful to the purchasing power of citizens," said lawmaker Lakhadar Benkhellaf of the opposition Justice and Development Front party.

Pro-government lawmakers called for more steps to reform the economy and reduce its reliance on oil and gas.

The government has said strategic sectors include mainly the energy and pharmaceutical industries.

"We need alternative solutions such as productive investment in the agriculture and tourism sectors," said Mohamed Hadji of the Democratic National Rally party.

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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.