Cabinet refuses transfer of Safaga port



Sun, 25 Jun 2017 - 02:55 GMT


Sun, 25 Jun 2017 - 02:55 GMT

Golden Triangle Map - Map is courtesy of National Authority of Remote Sensing & Space Sciences

Golden Triangle Map - Map is courtesy of National Authority of Remote Sensing & Space Sciences

CAIRO – 25 June 2017: The Cabinet refused in a meeting held on Thursday a proposal presented by the Investment Authority of the Golden Triangle of acquiring the subordination of Safaga Maritime Port currently controlled by the Ministry of Transportation.

The proposal was essentially denied by the Ministry, which is the institution in charge of organizing and ensuring the safety of maritime transportation in Egypt. It is also a member of international maritime organizations and the institution responsible for the port on the global scale, according to Al-Masry Al-Youm.

The Minister of Transportation Hisham Arafat stated to the press that such decision would allow for the Ministry to continue executing its development plans to improve cargo and passengers transportation through the port, which would serve Upper Egypt and the Golden Triangle.

That area is located in Egypt’s Eastern Desert to the south, extending between Safaga Port, Quseir Port (both located on the Red Sea), and Qena governorate located on the Nile Valley’s eastern bank.

Arafat said that the ministry is also developing the ports of Alexandria, Damietta, and the Red Sea. The Ministry is currently studying the business proposals of five international companies to construct a multi-purpose station in Alexandria port as well as deepening its harbor - currently 7 meters in depth - to receive larger ships.

The Ministry is also negotiating with other state institutions to acquire more lands for the project, according to Al-Masry Al-Youm.

The Golden Triangle has many forms of precious metals including gold in 94 locations and silver in 100 locations. That is in addition to phosphate reserves of 1.2 billion tons.

The space of the total area is 385 kilometers consisting of a maritime port called Abou Tartour. The development plan of the port will be executed in five phases over 30 years creating 12,000 job opportunities.

A conference will be held in Hurghada between July 20-23 to attract investments in the Golden Triangle especially in the sectors of industry and tourism. The value of investments is estimated to be $ 16.6 billion with an annual turnover of $ 6 billion.



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