عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Institutions Increase Purchases in Local Stock Market

A money exchanger counts Saudi riyals in Riyadh. (Reuters)
A money exchanger counts Saudi riyals in Riyadh. (Reuters)
TT
TT

Saudi Institutions Increase Purchases in Local Stock Market

A money exchanger counts Saudi riyals in Riyadh. (Reuters)
A money exchanger counts Saudi riyals in Riyadh. (Reuters)

Domestic institutions have surged around SAR1.07 billion (USD285.3 million) in the Saudi stocks market during the past week, while foreign investor property in the local market rose 4.73 percent at the end of last week’s trade compared to 4.71 percent the week before.

According to Tadawul, Saudi investor net purchases reached around SAR488.7 million (USD130.3 million) and the foreign investor possession marked a progress.

The Tadawul All Share fell 2.1 percent, closing at 7,497 points amid trading approximately worth SAR3 billion (USD800 million).

Opening the oil markets is expected to have a positive impact with the commencement of next week’s trading.

During the past days, prices witnessed a sharp drop, leaving Brent crude to close at 67 dollars per barrel, while the crude oil dropped below 57 dollars per barrel.

Furthermore, Saudi banks listed in the local financial market posted huge profits of SAR37.7 billion (USD10.05 billion) in the first nine months of 2018.

According to the financial results, 10 Saudi banks listed on the local financial market announced a new growth in profits for the first nine months of this year with one bank’s growth rate reaching up to 27.9 percent. Only two banks announced a decline in profits by 2 and 18 percent.

Saudi Arabia's government revenues hit an increase of 57 percent during the third quarter of 2018 compared to the same period last year. Revenues in the first nine months increased by nearly 47 percent to SAR663.1 billion (USD176.8 billion) compared to the same period in 2017.

The Saudi finance ministry has published the quarterly report of the state budget performance of the third quarter of 2018 on its website.

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.