«Priority for Energy»... Good news about the Golden Triangle projects

Engineer Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, held a meeting with the Board of Directors of the General Authority for the Economic Zone of the Golden Triangle.

The meeting witnessed a review and discussion of offers and investment projects submitted to the Authority in the Golden Triangle region, it also stressed the importance of encouraging new investments in the Golden Triangle project.

Golden Triangle Project Encouraging investments in the Golden Triangle came within the state’s plans to stimulate and encourage investment, in a manner that prepares the environment for the rapid development of the region, the flow of investments to it, and the completion of projects of great economic benefit to achieve Egypt’s goals of the national development project, provided that this reflects the major modernization of investment laws in Egypt and keeping pace with global economic changes.

Priorities for investment projects Investments in the region also take into account economic and legislative changes and transformations in the field of energy, and prioritizing projects that will be established at the beginning of the implementation of the Golden Triangle project.

The Minister of Petroleum suggested setting up a specialized workshop in which all state agencies related to the project would participate in order to reach results and outputs and translate them into executive plans for the speedy development of the region and the establishment of investment projects.

He also pointed out the importance of defining investment priorities in each of the project areas in light of the available ingredients and development requirements.

Helping investors Al-Mulla pointed out the importance of a new philosophy in dealing with investments in the region, based on full clarity of the conditions and rules for dealing with investors in the region, priority investment opportunities and facilitating procedures to help the investor to make a quick decision.

importance of the Golden Triangle · importance of the Golden Triangle region in terms of mining, as the focus will be on investments related to mining activity that are capable of achieving the highest added value to the economy. · The project includes industrial, mining, tourism, agricultural and commercial areas. · The region contains many elements of tourism, such as the long pristine beaches, and the archaeological sites of various Egyptian eras. Where is the project located? The Golden Triangle project is located in the Eastern Desert, on an area of more than 2.2 million acres, between Qena, Qeft, Safaga and Al-Qusayr.

An area rich in wealth The Golden Triangle mining area is promising, as it is rich in mineral and quarry resources, such as gold, basalt, white sands, limestone and phosphate rocks.

The importance of the Golden Triangle project The project will be built in 6 phases, the first phase of which will take 5 years, and the project will take 30 years to complete, and a capital will be established for the Golden Triangle, 100 km away from Qena.

Objectives of the Golden Triangle Project · Reducing population pressure on the current urban areas. · Achieving the optimal use of the natural resources available in various parts of Egypt. · Achieving the greatest possible fair distribution of the fruits of development among all parts of the Republic. · Creating new urban communities that attract residents.

· It enjoys a wide outlet on the Red Sea between Quseir and Safaga, which gives it access to the Gulf countries, East Asia and Africa.

· Its proximity to the Aswan land and river outlets helps in the speed and ease of its connection with central and southern Africa. · One of the government's goals in the project is to direct part of the population to live in the new area instead of the Nile Valley, which is expected to accommodate about 2 million people.

Golden Triangle Project Investments · The area of the Golden Triangle is about 7,000 square kilometers. · A capital of the Golden Triangle will be established, 100 km away from Qena. · The project's investment volume is about $16.5 billion. · The project generates annual revenues for the state ranging between 6 and 8 billion dollars annually. · The project will provide about 350,000 job opportunities.