Cairo - July 18 2023: Egypt recently received three offers to establish several new complexes in the Golden Triangle Economic Zone, according to the chairperson for the General Authority of the Golden Triangle Economic Zone (GTEZ) Adel Saeed.
Speaking on the sidelines of the Egypt Mining Forum, Saeed revealed that the combined offers have an estimated investment value of $1.6 billion from local and international investors.
Located in the Red Sea governate, the Golden Triangle is considered one of Egypt’s richest mining areas spanning across Safaga, Quseir, and Qena. The government previously estimated that the area accounts for around 75 percent of the country’s mining minerals, including minerals used in the manufacturing of fertilizer.
Saeed revealed that a consortium of Australian companies is looking to invest around $875 million in the area to establish a phosphoric acid production plant.
He also explained that the Egyptian Financial and Industrial Company has proposed to invest $600 million into a new fertilizer factory spanning 100-feddan, with the government already in the process of establishing committees to study the location.
Additionally, the authority received a proposal from Egyptian businessman Mahmoud Moharram for a new phosphate fertilizer and phosphoric acid factory, which is estimated at around $150 million.
Egypt is among the top 10 suppliers of fertilizers worldwide, with Egypt replacing Russia as the European Union’s top supplier in 2022 according to a December 2022 report.