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Egypt to Benefit from Mining in the Golden Triangle

Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)
Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)
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Egypt to Benefit from Mining in the Golden Triangle

Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)
Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)

Egyptian Minister of Petroleum Tarek El-Molla has said that the development of the Golden Triangle region requires the participation of all sectors to attract foreign and domestic investments.

The Golden Triangle project is one of the major mining projects intended to be established between Qena, Safaga, and al-Qusayr. Its area is over 7,000 square kilometers.

It includes tourism, mining, agricultural, industrial, and commercial projects amid expectations of providing about half a million job opportunities in five years.

The area is rich in mining sources that make up 75 percent of Egypt's minerals, including metallic and non-metallic minerals, iron, copper, gold, silver, granite, and phosphate.

Molla chaired a workshop for coordination between the mining and the industrial sectors to explore investment opportunities at the economic zone in the Golden Triangle area.

The minister stressed the importance of increasing the efficiency of the infrastructure and achieving possible benefits from the mining resources, which can be one of the primary resources of added value to the national economy.

The meeting also reviewed the strategy of the Egyptian mining sector, the investment map for the mining sector until 2040, the ministry's vision to develop the Golden Triangle, and maximizing its revenues.

Also, the workshop witnessed agreement on the importance of emphasizing the mining reserves, noting that the last international bids posted by the ministry had activated the mining exploration and discovery operations in the promising area.

At the end of the meeting, Molla highlighted the importance of welcoming all feasible ideas and agreeing on a roadmap to develop the Triangle.

He also called for providing the necessary human cadres and building their capabilities to actively attract investments.

The minister pointed to the importance of the Environment Ministry's participation in the development project in light of the vital role of environmental compatibility regarding luring investments.

He directed officials to work on a dialogue based on the strengths that characterize the region to accelerate the development of outputs that enable the sustainability of work and growth.

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Azerbaijan Proposes Joint Investment Fund with Saudi Arabia to Strengthen Economic Partnership

Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
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Azerbaijan Proposes Joint Investment Fund with Saudi Arabia to Strengthen Economic Partnership

Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)

In a significant step toward deepening economic and strategic ties, Azerbaijan is working to transform its growing partnership with Saudi Arabia into tangible investment initiatives.

At the forefront of this effort is a proposal to establish a joint sovereign investment fund that would support priority sectors in both countries and finance joint ventures in third markets. The plan, revealed by Azerbaijani Ambassador to Saudi Arabia Shahin Abdullayev in an interview with Asharq Al-Awsat, reflects Baku’s intention to build on the momentum of recent high-level engagements and turn bilateral cooperation into long-term, shared economic value.

The proposed fund comes in the wake of the 8th Saudi-Azerbaijani Joint Government Committee meeting held in Riyadh in April, co-chaired by Saudi Investment Minister Khalid Al-Falih and Azerbaijani Deputy Prime Minister Samir Sharifov.

The talks resulted in several memorandums of understanding covering energy, transport, logistics, and water, as well as endorsement of recommendations from the 6th Saudi-Azerbaijani Business Council.

Abdullayev highlighted the rapid growth in ties between Baku and Riyadh across multiple sectors, especially energy, investment, tourism, and culture. He praised Saudi-based ACWA Power for its role as a leading investor in Azerbaijan’s renewable energy sector.

In 2024, both countries signed a joint executive program during COP29 in Baku, aimed at strengthening cooperation in renewable energy development and transfer. The agreement was signed in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman and Azerbaijani President Ilham Aliyev. It includes large-scale wind power projects with a combined capacity of 2.5 gigawatts, along with battery-based energy storage systems.

The ambassador noted that Azerbaijani Economy Minister Mikayil Jabbarov proposed the creation of a joint sovereign wealth fund during a visit to Riyadh in December 2024. The fund would target priority sectors outlined in both countries’ economic agendas and invest in third countries as well.

Abdullayev underscored the importance of finalizing an investment protection agreement between the two nations, along with offering incentives to encourage Saudi investors to explore opportunities in Azerbaijan’s free economic zones. Areas of cooperation under discussion include oil, renewables, industry, tourism, infrastructure, agriculture, livestock, and mining.

Tourism is another bright spot in the growing partnership. More than 100,000 Saudi tourists visited Azerbaijan in 2024, up over 31% from the previous year. The ambassador expects further growth through the development of joint tourism programs, sustainable tourism initiatives, and shared exhibitions and events.

On the strategic level, Abdullayev emphasized the importance of Azerbaijan’s oil policy, initiated by former President Heydar Aliyev, as a foundation for national development. That strategy has enabled Azerbaijan to invest in key sectors such as infrastructure, education, and healthcare, positioning the country as one of the region’s most advanced economies.

Azerbaijan also plays a vital regional role in energy security through its major pipeline projects, including the Baku-Tbilisi-Ceyhan oil pipeline and the TANAP and TAP natural gas lines, which serve European markets.

The ambassador highlighted Baku’s successful bid to host COP29 as a sign of Azerbaijan’s growing global presence. The conference resulted in a pledge urging developed nations to allocate $300 billion annually by 2035 to help developing countries mitigate climate change impacts.

He also praised Saudi Arabia’s humanitarian support, particularly through the King Salman Humanitarian Aid and Relief Center, which signed a demining agreement in January 2024 to assist in clearing liberated areas in Azerbaijan, a step that has helped accelerate reconstruction and enable safe civilian return to their homes.