Egypt emerges as top steel producer in Africa, 2nd in MENA

The report notes that while the COVID-19 pandemic disrupted steel production in the region, Egypt's steel output remained steady throughout.

The report indicates Egypt's steel production amounted to 9.8 million tons in 2022.

Fitch's report forecasts that Egypt's steel output will have an average annual growth of 1.5 percent over the next 10 years, as government support helps wean the country off steel imports.

Egypt's mining sector is expected to receive investment, along with other regional producers like Saudi Arabia and Morocco.

Fitch expects the MENA's metals and mining industry will grow at an accelerated pace in the next decade, driven by strong government support in the region.

The report said Egypt has an ambitious target to increase mining exports to $10 billion by 2040.

The expected steady increase in gold prices over the next five years is also expected to drive mining and exploration in Egypt.