The advisor to the Minister of Industry and Trade and head of the Golden Triangle Committee, Yasser El Maghraby, said that the meeting on Wednesday with Prime Minister Sherif Ismail resulted in an agreement to establish an independent economic body to manage projects in the Golden Triangle area. The final decision will be announced at the end of May. The temporary location of the agency will be in Qena.
El Maghraby explained that the purpose of the Golden Triangle project includes residential development, adding that the project is divided into six phases over 30 years. He noted that it is based on three aspects: exploiting and developing mineral wealth; cultivating 36,000 feddans (37,360 acres); and using the coast of the Red Sea and the desert areas for tourism.
The Golden Triangle project’s investments amount to $6.5bn. The project is set to provide 35,000 direct jobs and 1 million indirect jobs. El Maghraby stressed that preliminary studies for the projects there have already started.