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Egypt: Finance Ministry Imposes Temporary Fees on Steel Rebar, Iron Billets

Image of Steel Rebar (Reuters)
Image of Steel Rebar (Reuters)
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Egypt: Finance Ministry Imposes Temporary Fees on Steel Rebar, Iron Billets

Image of Steel Rebar (Reuters)
Image of Steel Rebar (Reuters)

Egypt has started collecting "temporary protection fees" of 25 percent on steel rebar and 15 percent on iron billets for 180 days starting Monday, announced the Ministry of Finance.

Egypt's steel production is reportedly between 7 million and 7.5 million tonnes per year.

The ministry said in a statement that the aim of this decision is to "protect national industries from the unfair competition of foreign products."

In 2017, the government said it would maintain tariffs on steel rebar from China, Turkey and Ukraine for a five-year period in order to protect local manufacturers. In August that year, it raised the price of steel rebar by more than 12 percent, compared to 10.5 percent in 2016.

Egyptian re-rollers have also started a petition calling for authorities to remove the duties, which according to them will threaten domestic production and raise the cost of raw materials.

Speaking at a press conference, head of the Chamber Metallurgical Industries, Jamal al-Jarhi warned that the situation is difficult now and will lead to the closure of 22 factories with the displacement of thousands of workers.

He called on the Egyptian President Abdul Fattah el-Sisi to intervene and halt the decision. He also asked for a neutral specialized committee of the cabinet that includes all parties and entities to study the situation.

Small enterprises also signed a petition asking the president to stop the implementation of the resolution, asserting that it will cost billions of dollars in investments. They also noted that the factories balance the local demand of steel and meet the needs of consumers with fair prices.

In contrast, a number of manufacturers of iron billets in Egypt called on the Directorate-General of Anti-dumping, under the Ministry of Commerce, to impose duties on imports of billets after the United States imposed tariffs on steel imports leading to a large global surplus.

“Most of the iron factories have been out of sales since last Thursday after news of the protection fee decision, which caused steel prices to rise by about 500 pounds per tonne last night,” Ahmed el-Zeiny, head of General Building Materials Division at Federation of Egyptian Chambers of Commerce, told Reuters.

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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.