Saudi Govt. to Pay Private Sector its Dues in 60 Days

Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. (Reuters)
Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. (Reuters)
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Saudi Govt. to Pay Private Sector its Dues in 60 Days

Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. (Reuters)
Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. (Reuters)

The Saudi Ministry of Finance confirmed that the government remains committed to paying all the contracts signed with the private sector within a period of 60 days.

The move aims to spur private sector investment in the local domestic product.

The ministry said, 99 percent of submitted payment orders received by the ministry have been completed within the previously announced 60 days. Of those who have been paid, 97 percent were completed within 30 days.

The remaining less than 1 percent were not paid due to court orders.

There is a small percentage of disputed amounts claimed by certain vendors and contractors, which are subject to an agreed dispute resolution mechanism as per the contracts.

These developments coincide with a huge rise in spending in line with Saudi Vision 2030 and related national programs.

The Saudi government had approved the largest budget in the Kingdom’s history with estimated spending at SAR1,106 billion (USD295 billion), an increase of 7 percent compared to the end of the fiscal year 2018.

Revenues are estimated at SAR975 billion (USD260 billion), a rise of 9 percent compared to the same period.



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.