File- FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard Foeger
Upon directives from Egyptian President Abdel Fattah El Sisi, Egypt is planning to build a city to be a hub for the jewelry industry and gold trade in the new administrative capital.
The government was on two minds regarding the best place for the new city: the new administrative capital and Obour City. However, officials indicated that the new administrative capital is the probable choice.
The gold city would be established on about 60 feddans (One feddan is equal to 1.03 acres). Further details on the city and how gold merchants see this megaproject will be published in Business Today’s coming edition.