PROJECTS: Egypt aims for regional gold hub status with new project

PROJECTS: Egypt aims for regional gold hub status with new project

Egypt has taken a serious step toward transforming into a regional gold production and processing hub in the coming years with the launch of the City of Gold project in the New Administrative Capital.

The announcement was made by Minister of Trade and Industry Nevine Gamea at the opening of Egypt's first exhibition for gold and jewellery NEBU 2022 in Cairo on Friday.

In her address, Gamea pointed out that the 150-acre City of Gold project aligns with the government's plan to maximise local value addition instead of merely exporting raw gold.

"This prompted Egypt to launch the City of Gold in the NAC. There will be a technical institute integrated with the 'Egypt Gold School of Applied Technology' in Obour," she said.

Gold City 1

Gamea said the global jewellery market is expected to increase to $307 billion by 2026 from $228 billion at present, which will require a concerted effort by the government and the private sector to increase Egypt's share of the market.

The minister also pointed out that Egypt produces more than 15.8 million tonnes of gold from its Sukari Gold Mine, which is expected to increase with the completion of the Golden Triangle project in the Eastern Desert. Under the project,