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Potential Private, Public Sector Transformations to Enable Saudi Economy

The Saudi private sector is a subject of transformation and government attention (Asharq Al-Awsat)
The Saudi private sector is a subject of transformation and government attention (Asharq Al-Awsat)
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Potential Private, Public Sector Transformations to Enable Saudi Economy

The Saudi private sector is a subject of transformation and government attention (Asharq Al-Awsat)
The Saudi private sector is a subject of transformation and government attention (Asharq Al-Awsat)

Government officials and businessmen predicted that structural transformations will take place in the Saudi public and private sectors to shore up the Kingdom’s economy for the post-coronavirus phase.

Officials and businessmen unanimously agreed that change in the public sector should further enable the private sector to take the lead in economic development and raise productivity, freeing itself from dependence on the public sector.

These predictions were laid out in a virtual seminar held on Monday night and attended by Asharq Al-Awsat. The seminar was entitled “Empowering the Saudi economy during the pandemic” and was organized by a branch of the Saudi Finance Ministry.

It bore great optimism that the economy in the Kingdom would be on track to recovery if the current responses to the state’s treatment of the economy continue, and society interacts with raising preventive awareness in the country.

Ayman Afghani, Deputy Minister for Policies and Economic Planning at Ministry of Economy and Planning, said that optimism for recovery from the economic downturn is drawn from international indicators, especially those for major economies.

Afghani added that the crisis facing the Saudi economy is centered on the axes of declining oil prices and weak demand with COVID-19 precautionary measures.

According to the official, both factors began to recover with the closure of the national economy being lifted, suggesting growing sales and high financial withdrawals from banks.

Dr. Fahad Abdullah Aldossari, Deputy Governor for Research and International Affairs at the Saudi Arabian Monetary Authority (SAMA), revealed that despite the violent crisis in place, indicators of cash and liquidity are still in good standing. He confirmed that banking safety indicators are in good standing as well.

Bank credit, according to Aldossari, until last April recorded 12.2% growth, the highest since 2015, and reflects the banks ’continued provision of credit services, especially on mortgages.

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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.