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CAIRO – 31 July 2017: Establishing the Golden Triangle Economic Zone will encourage the building of new urban communities, pump investments and develop Upper Egypt, experts say.
President Abdel Fatah al-Sisi issued a decree, published in the Official Gazette on July 24, considering the Golden Triangle area as an economic zone of special nature.
The economic zone will ease licensing procedures for investment projects as it will have a separate single outlet that falls under the supervision of the Ministry of Investment, member of the Golden Triangle Project’s technical committee Abu el-Haggag Nosseir told Egypt Today on Sunday.
The Golden Triangle is one of the country’s mega-projects, covering the area between Safaga and Al-Qoseir overlooking the Red Sea, to Qena and Qeft in Upper Egypt. It will include businesses in different areas, such as mining, tourism, agriculture, infrastructure, solar energy and water desalination.
The main goal of this project is to exploit Egypt’s raw materials like gold and phosphate and increase their return on the economy, Nosseir said, adding that it will legalize ‘illegal’ gold mining activities as it will increase monitoring operations.
The Egyptian government is targeting total investments worth $16.5 billion within 30 years after implementation.
The project will create major investment opportunities in Upper Egypt, especially in the sectors of cement, ceramics and quarries, head of the Sohag Investors Association Mahmoud el-Shadaweely said.
“The project will upgrade the living standards of residents in the governorates of Qena and Sohag,” Shadaweely said.
Head of the Upper Egypt investment committee at the Egyptian Union For Investors Associations Ali Hamza expected the project to boost tourism in the Red Sea area.