عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Approves Licensing of New Digital Bank

Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. (Reuters)
Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. (Reuters)
TT
TT

Saudi Arabia Approves Licensing of New Digital Bank

Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. (Reuters)
Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. (Reuters)

Saudi Arabia’s central bank announced on Tuesday that the government has approved the licensing of a third digital bank, called D360 Bank, with a capital of 1.65 billion riyals ($440 million).

It added that the Kingdom’s Public Investment Fund (PIF) was part of the consortium of companies and investors launching the new lender.

The creation of digital banks in the Kingdom is part of the Financial Sector Development Program within Saudi Vision 2030, which seeks to enable financial institutions to support the growth of the private sector, and open the way for new companies to provide financial services.

Two other local digital banks were granted the license to operate in the Kingdom last year, bringing the total number of licensed banks to 35 (11 local, three local digital banks, and 21 foreign bank branches), which reflects the strength, sustainability and attractiveness of the banking sector in particular, and the Saudi economy in general.

The Saudi Central Bank (SAMA) has been actively engaged in keeping pace with the latest developments in the financial industry and in line with the objectives of the Financial Sector Development Program that seeks to develop the digital economy; enable financial institutions to support private sector growth and provide opportunities to new companies and start-ups.

Meanwhile Reuters reported that the Saudi PIF held nearly $56 billion worth of US-listed stocks as of December last year, up from $43.4 billion at the end of September, boosted by the increased value of electric car maker Lucid.

On Sunday the government said Crown Prince Mohammed bin Salman had transferred 4% of Saudi Aramco shares worth $80 billion to PIF.

Most Viewed

 
 
Business

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)
TT
TT

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.