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Egypt Announces Expected Turkish Investments in Several Sectors

 Handmade traditional souvenir clothes are displayed for sale in a popular tourist area in old Cairo, Egypt May 22, 2022. REUTERS/Amr Abdallah Dalsh
 Handmade traditional souvenir clothes are displayed for sale in a popular tourist area in old Cairo, Egypt May 22, 2022. REUTERS/Amr Abdallah Dalsh
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Egypt Announces Expected Turkish Investments in Several Sectors

 Handmade traditional souvenir clothes are displayed for sale in a popular tourist area in old Cairo, Egypt May 22, 2022. REUTERS/Amr Abdallah Dalsh
 Handmade traditional souvenir clothes are displayed for sale in a popular tourist area in old Cairo, Egypt May 22, 2022. REUTERS/Amr Abdallah Dalsh

Egyptian Trade Minister Ahmed Samir said on Friday that the Turkish KOC Holding group intends to expand its activities in the Egyptian market in the coming period in the sectors of vehicles, medical products and new energy.

A statement issued by the Ministry of Trade and Industry, published by the Egyptian Presidency of the Council of Ministers on its Facebook page, said that Samir, who is currently visiting Türkiye, met with representatives of the group to discuss its future vision to increase investments in the Egyptian market.

The statement quoted the minister as saying that the group seeks to expand in the Egyptian market through the establishment of a factory for auto-feeding industries, and another for pharmaceuticals, in addition to cooperation with the Suez Canal Economic Zone in the field of new and renewable energy and wind energy.

The group also aims to cooperate in the field of yacht marinas as well as oven manufacturing with the Arab Organization for Industrialization, according to the statement.

Representatives of the Turkish Holding Group pointed to the importance of benefiting from Egypt’s position as a commercial and investment hub in Africa, as well as taking advantage of the preferential free trade agreements that Cairo has signed with the countries of the continent.

Meanwhile, Egypt’s sovereign dollar bonds rose on Friday, after an unexpected decision to raise interest rates on Thursday evening.

Longer-dated maturities gained the most, with the 2048 rising by up to 1.4 cents, according to Tradeweb data. Bonds maturing 2040 and beyond gained one cent or more, but the shorter-dated maturities up until 2031 rose between 0.5-0.9 cents.

Egypt’s central bank raised overnight interest rates by 100 basis points on Thursday in a surprise move, saying it sought to contain inflationary pressures and anchor inflation expectations, Reuters reported.

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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.