Egypt to Establish an Integrated City for Gold Manufacture, Traders

Newspaper Title: https://english.aawsat.com/

Newspaper Number:

Sunday - 17 January 2021

Egyptian President Abdel-Fattah el-Sisi ordered the establishment of an integrated city for the manufacture and trade of gold in the country, reflecting Egypt’s rich history in the industry.

His directives came during a meeting on Saturday with Prime Minister Mostafa Madbouly, Petroleum Minister Tarek El-Molla and other officials.

Spokesman for the Presidency Bassam Rady revealed in a statement that Sisi called for providing the needed financial resources to establish the city in accordance with the latest technology in the field.

He also called for supplying of essential industry and manufacture materials, exhibits and labor training, taking into account the logistical aspects in terms of choosing the city’s location to take advantage of the road network and new axes for easy access to and from it and receiving visitors.

Egypt passed a legislation last year to ease exploration rules and to attract investors to its gold sector as it sought to attract gold mining firms for its first major tender since 2017 in the Eastern Desert.

For his part, Hany Milad, the Head of the Gold Division at the Chamber of Commerce in Cairo, said that the establishment of the city is an important step in developing the gold industry and trade.

He also noted that city would lead to an increase in the volume of production and export abroad, by facilitating all procedures, which is currently one of the obstacles to export.