Minister of Petroleum and Mineral Resources Karim Badawi said that the planned Phosphate Industries Complex in Ain Sokhna, to be developed in partnership with Elsewedy Electric Group, represents a strategic step toward maximizing the economic value of Egypt's mineral resources.
He said the project reflects the state's vision of shifting from exporting raw materials to establishing integrated mining industries that generate greater added value and support the national economy. In a statement issued on Wednesday, July 8, 2026, the minister explained that the agreement to move forward with the project is among the first tangible outcomes of the reforms implemented in the mining sector.
These reforms include transforming the Mineral Resources Authority into an economic authority and amending the executive regulations of the Mineral Resources Law, measures that have helped create a more competitive and attractive investment climate and paved the way for effective partnerships with the private sector to implement high-value economic projects.
The remarks came during a meeting with Ahmed Elsewedy, President and CEO of Elsewedy Electric Group, attended by Yasser Ramadan, Chairman of the Mineral Resources and Mining Industries Authority. The meeting reviewed the final preparations for implementing the Phosphate Industries Complex in Ain Sokhna through a partnership involving the Mineral Resources and Mining Industries Authority, Wadico (New Valley Mineral Resources and Oil Shale Company) and Elsewedy Electric Group.
Badawi stressed the ministry's commitment to providing all necessary support to ensure the project's success through continuous monitoring of implementation phases and by addressing any challenges that may arise. He said the goal is to turn the project into a genuine success story that demonstrates Egypt's ability to execute industrial and mining projects with strong economic returns and high added value, while strengthening investor confidence in the country's mining investment environment.
The minister added that the project serves as an advanced model of cooperation between the state and the private sector in establishing integrated mining industries. He reaffirmed that the ministry will continue implementing its strategy to maximize the utilization of Egypt's mineral wealth, attract more domestic and foreign investment, increase the mining sector's contribution to gross domestic product and support sustainable development.
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