Egypt hopes gold city will revive industry, lure investments
Egypt is hoping to cash in on its rich resources and become Africa’s only gateway where manufacturers can trade in and export gold.
Egypt is developing a major gold mining city in the Suez Canal with the hopes of boosting a centurieslong industry and luring billions of dollars in foreign investments.
“The city will put Egypt on the world gold map and will make a breakthrough in the country’s gold mining industry,” Wael Soliman, the spokesman for the city project, told the press.
He said that the city would also be Africa’s major and only gateway where manufacturers can trade in and export gold.
The gold city, according to Soliman, will be the first of its kind in the world and will be built on an area of 130,000 square meters (155,000 square yards) in the Suez Canal Economic Zone located in the western Suez Canal.
