Italian consultancy D'Appolonia has won a bid to prepare a study on Egypt's 'Golden Triangle' project, which aims to take advantage of the country's under-tapped mineral resources and develop Upper Egypt, state-owned new agency MENA reported on Thursday.
Hailed by the recently elected president as one of three mega projects aiming to uplift the battered Egyptian economy , the Golden Triangle project aims to create new industrial and mining projects in 6,000 square kilometres extending from the Red Sea cities of Safaga and Al-Qusayr to Eastern Qena in Upper Egypt. There are also plans for agricultural and touristic projects in the area.
The consultancy firm will study the viability of the plans and present its report within nine months.
Founded in 1956, engineering services firm D'Appolonia operates in the markets of energy, transport and infrastructure. The Italian company already works in Egypt supporting asset integrity management audits for Abu Qir Petroleum (AQP) facilities.
In January of last year, Egypt’s cabinet decided to establish an independent entity to manage the project and start a bid for an international consultancy firm.
Mega-projects to develop a Suez Canal industrial hub and build a touristic city west of Alexandria are also on the agenda as Egypt’s government takes up reform measures to boost an economy hit by four years of political turmoil.