Egypt’s Public Investments Grow 535% In 6 Years

 Egyptian Minister of Planning Hala Al-Saeed (Asharq Al-Awsat)
Egyptian Minister of Planning Hala Al-Saeed (Asharq Al-Awsat)
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Egypt’s Public Investments Grow 535% In 6 Years

 Egyptian Minister of Planning Hala Al-Saeed (Asharq Al-Awsat)
Egyptian Minister of Planning Hala Al-Saeed (Asharq Al-Awsat)

Egyptian Minister of Planning Hala Al-Saeed said that her country expects growth rate to range between six and seven percent in the second quarter of the current fiscal year.

She stressed that the government has been keen to maintain the boom achieved in public investments improve the quality of life, upgrade the level of services, and stimulate comprehensive and sustainable economic growth.

In this regard, the minister noted that the volume of public investments in the current during 2021-2022 amounted to about 933 billion pounds ($59 billion), with a growth rate of 46 percent compared to the previous year, and an increase of 535 percent compared to the 2014-2015.

Saeed was speaking on Tuesday, during the third edition of the Egypt Economic Summit, which is held under the auspices of the Council of Ministers.

She said that the cumulative total of public investments during the period of 2014-2022 amounted to about 3.6 trillion pounds ($230 billion), and the per capita share of public investments this fiscal year increased by 44 percent compared to the previous year, and by 440 percent compared to 2014-2015.

Saeed emphasized the government’s determination to pump huge investments to boost the economy at an accelerated pace, by pushing the wheel of investment, production and employment in all economic sectors, and focusing on developing infrastructure and advancing the human and social development sectors.

Saeed added that despite the relative recovery of global economic indicators with an expected growth rate of 5.9 percent in 2021, the effects of the pandemic are still present, especially with the emergence of new variants and their negative repercussions on the supply chains worldwide.



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.