Dr. Mostafa Madbouly, Prime Minister of Egypt, chaired the first meeting of the Supreme Gold Committee at the government headquarters in the New Administrative Capital, following the presidential decree issued earlier this month by President Abdel Fattah El-Sisi establishing the committee.
During the meeting, the Prime Minister reviewed the committee’s action plan for the coming period, stressing that the government attaches great importance to the gold sector. He underlined Egypt’s commitment to increasing gold discoveries, strengthening market governance, and maximizing value added within the domestic market. Madbouly emphasized that the state aims to transform Egypt from an exporter of raw gold into a regional industrial hub for gold production and processing.
The meeting was attended by senior officials, including the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, the Governor of the Central Bank of Egypt, and the Ministers of Planning, Supply, Investment, Petroleum, along with heads of key regulatory and financial authorities.
Counselor Mohamed El-Homsany, official spokesperson for the Cabinet, stated that the meeting highlighted the presidential decision establishing the Supreme Gold Committee, chaired by the Prime Minister and comprising senior ministers and heads of relevant regulatory bodies.
El-Homsany explained that the committee’s mandate includes preparing a comprehensive strategic plan to develop Egypt’s gold sector across all stages—exploration, extraction, processing, refining, manufacturing, and trading—along with proposing the necessary legislation and regulatory policies governing the market.
He added that the committee is also tasked with studying proposed cooperation projects to establish a gold refinery in Egypt, as well as conducting a comprehensive review of plans to reorganize and expand the role of the Assay and Weights Authority to ensure adequate technical and administrative capabilities. This includes examining the establishment of a national gold refinery in partnership with the private sector to curb illegal trading practices and enhance oversight mechanisms.
The meeting reviewed the proposed Egyptian Gold Refinery project, which will specialize in refining raw gold and raising its purity to meet international standards for trading and export. The refinery is expected to serve not only the domestic market but also neighboring countries.
According to El-Homsany, the strategic importance of the project lies in maximizing value added within Egypt’s gold market, transforming the country into a regional industrial center, strengthening national gold reserves, and supporting mining value chains. Three potential locations for the refinery were presented, and coordination is currently underway among relevant authorities to expedite implementation.
At the conclusion of the meeting, the Prime Minister directed the committee’s technical secretariat to prepare detailed presentations on developing the Assay and Weights Authority, governance measures for gold trading, the national gold refinery project, and the proposed legislative framework, to be reviewed during the committee’s upcoming meetings.
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