According to trusted sources who spoke to Bloomberg Asharq on Wednesday, Egypt intends to construct a sizable industrial zone near the Golden Triangle region in Upper Egypt.
The sources disclosed in a statement that negotiations to establish the zone are currently taking place between the General Authority of the Golden Triangle Economic Zone (GTEZ) and two industrial developers.
Their statement added that up to $2 bln will be invested in the first phase of the planned industrial zone’s construction.
Furthermore, a different government source informed Asharq that the GTEZ authorities already had a list of five industrial developers in Egypt willing to take on the project. The five interested businesses include Polaris Parks, CPC Egypt For Industrial Development Company, ElSewedy Industrial Development, Orascom Industrial Parks, and IDG-Industrial Development Group.
The Golden Triangle Economic Zone (GTEZ) was established under a presidential decree issued back in July 2017 to capitalize on the nation’s untapped mineral resources and advance Upper Egypt. The “Golden Triangle” has long been promoted by the North African nation as a prospective mining venture. The GTEZ spans 2.2 million acres, from the southern metropolis of Qena to the Red Sea cities of Safaga and Qoseir.
The decree states that the GTEZ is an economic zone of a specific kind that includes activities related to mineral extraction, industrial facilities, tourist destinations, commercial hubs, agricultural areas, and various classes of urban areas, as well as infrastructure that is being reconsidered and made compatible with development.