Golden Triangle Economic Zone taps Elsewedy for its first industrial developer agreement

Elsewedy Industrial Development has signed the Golden Triangle Economic Zone Authority’s first industrial-developer contract, which plans to develop a 6 mn sqm industrial and logistics zone in Safaga over three phases, according to a statement from the authority.

What’s in store? The zone will focus on warehousing, logistics, and export services, as well as mining and mineral-based manufacturing. Plans also include a branch of Elsewedy Technical Academy to train workers for the factories expected to set up shop in the zone.

BACKGROUND- The signing moves the project beyond the MoU Elsewedy signed last August and delivers the final contract, which was flagged as imminent in June.

What’s so golden about this triangle? Located in the area between Qena, Safaga, and Quseir, the 2.2 mn-feddan desert area is thought to hold nearly 75% of the country’s entire mineral wealth — including phosphates, which are a key component of fertilizer and one of Egypt’s most lucrative exports.

IN CONTEXT- The move also adds an industrial backbone to a wider Golden Triangle pipeline — which includes Xingfa’s planned USD 2 bn phosphate and specialty-chemicals complex and the USD 200 mn Safaga 2 multipurpose terminal, which began trial operations in June.