CAIRO: The Egyptian government aims to establish what it calls a “City of Gold” over an area of 150 acres as it bids to become a global logistical center for gold, according to the Minister of Trade and Industry.
To be implemented in Egypt’s administrative capital, the project will include 400 technical workshops for gold production, 150 other educational workshops and an educational industrial school, Nevin Gamea added.
The announcement came during the Nebu Expo for Gold and Jewellery, where the minister highlighted the cruciality of gold for the country’s exports, generating $1.1 billion in 2021.
Egypt currently produces over 15.8 million tons of gold from the Sukari mines, according to the minister, who noted that the figure is expected to further rise with the development of new projects.
The first gold refinery is being established in Egypt to purify gold ore at a cost of $100 million as an alternative to the refineries of Switzerland and Canada, Gamea said.
This comes amid efforts by the government to strengthen Egypt’s goldsmith industry and expand on exports in the sector.
