Egypt’s Prime Minister Mostafa Madbouly met with Adel Saeed, the Chairperson of the General Authority for the Economic Zone of the Golden Triangle, to follow up on the development project of the Golden Triangle in the Eastern Desert.
The Sunday meeting took place at the Cabinet’s headquarters in New Alamein City.
Madbouly reaffirmed the Egyptian state’s commitment to the success of its plans to develop the region, and directed that one of the areas in Safaga be focused on as a top priority. He also ordered the calculation of the cost of providing facilities to this area to begin implementing the facilities plan.
Saeed explained the investment opportunities in the economic zone through a study prepared by a specialized company in this field. He pointed out that the region has been divided into several activities, including industrial, agricultural, tourism, and renewable energy.
Nader Saad, the official spokesperson for the Cabinet, stated that the meeting witnessed a review of several work pillars for the General Authority for the Economic Zone of the Golden Triangle during the next stage. These include developing plans for global marketing of the projects targeted to be established in this vital region, studying the provision of a number of incentives to encourage investment in it, and attracting investments to it.
Saad also added that details of the procedures planned to be taken during the next five years in the various sectors that were divided according to the study conducted in this regard were also reviewed during the meeting.
He pointed out that the Chairperson of the Authority had taken several measures during the past period to study investment projects in preparation for allocating lands for them. The Authority also implemented protocols of cooperation with several ministries and various entities in the state to facilitate the required work and is currently establishing a database for the Authority.
The Golden Triangle is a new economic zone located between Qena, Safaga, and Al Qusair. It is considered one of the richest areas in mining sources in Egypt, accounting for 75% of the country’s mining minerals. The Golden Triangle lies on the outskirts of Qena and is home to Abou Tartour, a mining area that holds the largest phosphate reserves in Egypt, estimated at almost a billion tons of phosphate rock.
The Golden Triangle is a 9,200 square kilometer plot with identified untapped mineral reserves. Egypt is ranked 7th worldwide in terms of phosphate ore reserves, despite mining/production levels remaining flat for the last few years. The government is hoping to develop the Golden Triangle into a major economic hub, attracting investment in the mining, agricultural, and tourism sectors.