Saudi mining company planning investments in Egypt

MA’ADEN, a Saudi state-owned mining company headquartered in Riyadh, is planning to invest in the Egyptian mining sector, as part of strategies by the Gulf’s largest miner to invest in mining assets around world.

The announcement was made by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla told Asharq Business in an interview.

Representative from the Riyadh-based company will visit Egypt within 10 days to explore the available opportunities for investment in the sector, El Molla also announced.

The mining sector accounts for less than 0.5% of Egypt’s gross domestic product (GDP) according to the official. The government is willing to increase the contribution to 5 per cent by 2030.

The petroleum ministry is looking forward to attracting annual investment of $1 billion into the sector of gold prospecting, El Molla also revealed.

MA’ADEN had announced an agreement with the kingdom’s sovereign wealth fund (PIF) to set a joint venture in view of investing in assets globally, Reuters reported.
The company said it will own 51 per cent in the venture while PIF will control remaining 49 per cent.