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Jadaan: Saudi Arabia Seeks to Empower Private Sector, Restore Economic Vitality

Saudi Minister of Finance Mohammad Al-Jadaan speaks at a press conference after the Saudi Cabinet approved the 2021 budget (Asharq Al-Awsat).
Saudi Minister of Finance Mohammad Al-Jadaan speaks at a press conference after the Saudi Cabinet approved the 2021 budget (Asharq Al-Awsat).
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Jadaan: Saudi Arabia Seeks to Empower Private Sector, Restore Economic Vitality

Saudi Minister of Finance Mohammad Al-Jadaan speaks at a press conference after the Saudi Cabinet approved the 2021 budget (Asharq Al-Awsat).
Saudi Minister of Finance Mohammad Al-Jadaan speaks at a press conference after the Saudi Cabinet approved the 2021 budget (Asharq Al-Awsat).

Saudi Minister of Finance Mohammad Al-Jadaan said his government was seeking to empower the private sector and to provide it with new opportunities. He also pointed to a positive rebound with the resumption of economic activities.

Speaking at an annual conference of the State’s public budget, Jadaan, who is currently appointed Minister of Economy and Planning, noted that the industrial sector has lost a number of jobs during the pandemic, but added that a significant improvement was expected in the labor market in the post-Covid-19 phase, in parallel with an increase in job opportunities

In response to a question by Asharq Al-Awsat, the Saudi minister said that the current year would end with an inflation of 3.7 percent, adding that the rate would return to normal levels of 2 percent over the next two years.

The Minister of Finance emphasized that the government’s strategy was very clear in supporting and empowering the private sector. He stressed that the government did not intend to compete with the private sector, but rather to open the way for boosting its investments.

Jadaan added that Saudi Arabia’s achievements in recent years through Vision 2030 have helped to deal with the pandemic with high efficiency, pointing in this regard to the investments in digital infrastructure.

Regarding privatization projects, the minister said that those had a set of goals, including raising the quality of the services provided and increasing the private sector’s contribution to the economy, in addition to reducing government costs.

The Minister of Finance emphasized the Kingdom’s keenness to improve the citizens’ income and expand the economic base to create more jobs and investment opportunities for young men and women.

When the basic priorities are achieved, the citizen’s income will be the main focus of concern, he remarked.

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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.