Cabinet approves Golden Triangle economic zone

CAIRO – 2 August 2017: The Egyptian Cabinet approved Wednesday establishing the National Authority for the Golden Triangle Economic Zone, targeting $18 billion in investments, Minister of Industry Tarek Kabil said.

Kabil said in a press conference that the authority will have the right to found companies even if their capital is not determined yet.

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.