Saudi Arabia’s MA’ADEN to Invest in Egyptian Mining Sector

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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.

Commenting on the development of the new fund, Robert Wilt, stated that, “The global energy transition relies on the strategic minerals needed for renewable energy and battery storage, and our focus on these will give us a foothold in the global commodity value chain,” adding that investments set to be made by the new investment arm across the world will position Saudi Arabia “as a key ally in securing the metals of the future.

For Egypt, having companies such as MA’ADEN investing in the country will be game changer as the country seeks to drive gross domestic product (GDP) growth on the back of the growth of the mining sector. Currently, the mining sector accounts for 0.5% of Egypt’s GDP, with the government targeting to increase this share to 5% by 2030.

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Nicholas Nhede

Nicholas Nhede

Nicholas is an energy sector journalist with a passion on how technology and diversification of the energy mix can be used to address energy sector challenges. Nicholas holds a diploma in Journalism and Communication studies and has been covering energy-related topics including the Internet of Things, distributed energy and digitalisation since 2015.

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