The Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman, H.E. Qais bin Mohammed Al Yousef, expressed his hope that the 18th Arab Steel Summit and the accompanying International Iron and Steel Exhibition would serve as a valuable opportunity to exchange experiences and ideas, build new partnerships, and enhance joint cooperation for the benefit of national industries and economies.
In his speech at the summit, organized by the Arab Iron and Steel Union and hosted by the Sultanate of Oman, Al Yousef emphasized the summit’s distinguished status, reflected in its broad participation — bringing together around 600 participants, representing nearly 200 global companies from 50 different countries, along with over 20 exhibitors from leading Arab industrial firms and around 40 speakers including experts, policymakers, and industry leaders at both the Arab and international levels.
He noted that these figures highlight the growing importance of the summit as a regional and international platform for knowledge exchange and the presentation of the latest innovations in the iron and steel industry, contributing to advancing industrial development and strengthening Arab integration in this vital sector.
Al Yousef added that Oman Vision 2040, launched by His Majesty Sultan Haitham bin Tarik, has established the foundations of a national economy based on diversification, innovation, and sustainability, with all government entities diligently working to achieve its targets. Within this framework, the Industrial Strategy 2040 places the industrial sector at the forefront of national priorities, with ambitious objectives to increase its contribution to GDP, boost non-oil industrial exports, and expand the production base driven by knowledge and modern technologies.
He continued: “At the heart of these directions lies the iron and steel sector, which occupies a pivotal position—not only for its role in enabling infrastructure, energy, and logistics sectors, but also for its close connection to current global issues, foremost among them the transition toward a low-carbon economy.”
The Minister pointed out that Oman’s iron and steel sector is one of the most promising in the country, contributing about 2% of GDP, attracting investments worth billions of dollars, and accounting for around 40% of Oman’s total industrial exports.
For his part, Eng. Ahmed Ezz, Chairman of the Arab Iron and Steel Union and Chairman of Ezz Steel, addressed several key messages to Arab governments and ministers of commerce and industry, stating: “The world has changed. For three decades, we followed its developmental and trade path, aligning our policies with the global economic system that upheld free trade principles. We adopted a development model that balanced the importance of domestic demand with the necessity of exports, reduced customs duties, protected intellectual property and trademarks, and signed trade remedy agreements.”
He continued: “Despite accepting to be part of the global system, including cases of dumping, subsidies, and safeguard measures when exports surged, we find that those who established these principles have now abandoned them. Markets are closing, trade barriers are rising, and commercial rules are disappearing. The current global trade system is on the brink of collapse, as if the World Trade Organization no longer exists.”
Al Anba (Kuwait)
