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Saudi Arabia Spends USD125 Bn in First Half of 2020

A man counts Saudi Riyal banknotes in a jewelry store story in Riyadh, Saudi Arabia, October 18, 2017. (Reuters)
A man counts Saudi Riyal banknotes in a jewelry store story in Riyadh, Saudi Arabia, October 18, 2017. (Reuters)
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Saudi Arabia Spends USD125 Bn in First Half of 2020

A man counts Saudi Riyal banknotes in a jewelry store story in Riyadh, Saudi Arabia, October 18, 2017. (Reuters)
A man counts Saudi Riyal banknotes in a jewelry store story in Riyadh, Saudi Arabia, October 18, 2017. (Reuters)

Saudi Arabia spent SAR468 billion (USD125 billion) during the first half of 2020, according to a statistical document obtained by Asharq Al-Awsat.

Total contracts secured via Etimad reached 57,600 with a value of over SAR84 billion (USD22.4 billion). Total contracts for the same period last year reached SAR167 billion.

According to the document, users of Etimad reached 103,000 by the end of the first half of 2020, a 43 percent rise, compared to 72,500 during the same period of last year.

Competitions for the first half of 2020 increased to 13,700, or 57 percent, compared to the first half of 2019. Calls for direct purchasing dropped to 55,300, or 24 percent, compared to the first half of last year.

Separately, lender HSBC arranged a USD258 million export credit agency (ECA) loan for Saudi Arabia’s Ministry of Finance. HSBC acted as a mandated lead arranger (MLA), an original lender, and the agent bank for the loan, which is the first Green ECA loan in the Kingdom.

The proceeds of the loan are being used to purchase buses from Germany for the Kingdom’s public transport network. The buses will help reduce greenhouse gas emissions and air pollution, as well as alleviate traffic congestion in Riyadh through a shift towards public transportation.

The use of proceeds and reporting features of the facility deems it compliant with the “Green Loan Principles”, published by the Loan Market Association on March 21, 2018, a statement read.

The loan has also received support from the official ECA of the Federal Republic of Germany. Loans backed by ECAs are popular with regional borrowers as a means of diversifying their funding sources while securing attractive financing terms.

Gareth Thomas, HSBC’s head of global banking, Middle East, North Africa, and Turkey, said: “Saudi Arabia is embarking on one of the world’s most ambitious economic transformation programs and by securing its first-ever Green ECA financing it has once again demonstrated its regional leadership in debt markets. HSBC was delighted to play a part in another important milestone for the Kingdom.”

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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.