Arab Finance: Karim Badawi, Minister of Petroleum and Mineral Resources, met with Ahmed El Sewedy, CEO and Managing Director of Elsewedy Electric Group, to review the final implementation plans for the phosphate industries complex in Ain Sokhna, describing the project as a key step toward expanding value-added mining industries in Egypt, as per a statement.
The project is being developed through a partnership between the Mineral Resources and Mining Industries Authority (MRMIA), Al Wadi Al Gadid Co. (Wadico), and Elsewedy Electric Group.
Badawi said the complex reflects the state's strategy to maximize the economic value of Egypt's mineral resources by shifting from exporting raw materials to establishing integrated mining industries that generate greater value and support the national economy.
He added that the agreement marks one of the first outcomes of the mining sector reforms, including the transformation of the Egyptian Mineral Resources Authority (EMRA) into an economic authority and amendments to the executive regulations of the Mineral Resources Law. These measures have helped create a more competitive investment environment and paved the way for stronger partnerships with the private sector on high-value mining projects.
Badawi also affirmed the ministry's commitment to supporting the project through continuous monitoring of its implementation and addressing any challenges to ensure its successful completion.
He pointed out that the project is expected to demonstrate Egypt's ability to deliver economically viable, value-added mining and industrial projects while strengthening investor confidence in the country's mining sector.
Moreover, he noted that the project represents an advanced model of public-private partnership (PPP) in integrated mining industries and aligns with the ministry's strategy to maximize the utilization of mineral resources, attract additional local and foreign investment, increase the mining sector's contribution to gross domestic product (GDP), and support sustainable development.
