Saudi Arabia’s Ma’aden to invest in Egyptian mining sector
H.E. Tarek El-Molla, Minister of Petroleum and Mineral Resources, Egypt announced plans by Saudi Arabia’s state-owned mining firm, MA’ADEN, to invest in the North African country’s mining sector. MA’ADEN’s plan to invest in Egypt follows the firm partnering with Saudi Arabia’s Public Investment Fund to inject up to $3 billion in iron ore, copper, nickel and lithium projects across the world.
The development comes at a time when Egypt seeks to attract up to $1 billion in new investments per annum to support the growth of the gold industry.