Global Courant 2023-05-11 17:49:12
A major gold city, the first of its kind in the Middle East, is planned to be established in Egypt’s new administrative capital in Egypt, Assistant Supply Minister Ibrahim Ashmawy announced.
At a press conference, he explained that the city of gold will be on an area of 100 hectares and will be established soon.
Living quarters will be available in the city, he added.
Ashmawy said he expects an increase in gold supply volume and price stability in Egypt for the coming period.
He also announced the details of the government decree exempting gold imports from abroad from fees and taxes.
In televised statements on Wednesday, he noted that citizens are resorting to investing in gold, both for its value and for adornment purposes.
According to Ashmawy, Egypt is witnessing a high demand for bullion and subsequently for gold pounds.
He added that the rate of increase in bullion and gold prices last year ranged from 60 to 70 percent.
