Historically known as the land of gold, Egypt plans to establish a major city for gold, the first of its kind in the Middle East, that will be located at the New Administrative Capital on an area of 100 acres and is set to be established soon.
This announcement was made by the Assistant Minister of Supply, Ibrahim Ashmawy, during a press conference.
In this regard, he explained that living quarters will be available in the city, he added.
Ashmawy also forecasted a surge in the gold supply rates and stability of prices during the coming period in Egypt. He also announced the details of the government decision approving the temporary exemption of gold imports from abroad from fees and taxes.
He added the rate of increase in the prices of bullion and gold pounds ranged between 60 percent to 70 percent last year.
Egypt is witnessing a great demand for bullion and then gold pounds, as the Egyptians show a preference for saving their money in gold.
