A New Economic Authority.. and a New Era for Egypt’s Mineral Wealth
Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, confirmed that the amendment of the Mineral Resources Law and the restructuring of its authority into an economic entity under the name \”Egyptian Mineral Resources and Mining Industries Authority\” marks a genuine beginning towards maximizing the exploitation of Egypt’s rich mineral wealth. This step aligns with Egypt’s Vision 2030, through which the government aims to increase the mining sector’s contribution to the national GDP from 0.5% to 6%.
This came during his speech at the plenary session of the House of Representatives, chaired by Counselor Dr. Hanafi Gebaly, in the presence of Counselor Mahmoud Fawzi, Minister of Parliamentary and Legal Affairs and Political Communication, Major General Mohamed Hassan, Head of the Central Administration of the General Secretariat at the Ministry of Petroleum and Mineral Resources, Geologist Yasser Ramadan, Chairman of the Egyptian Mineral Resources Authority, and Dr. Mohamed El-Bagoury, Head of the Central Legal Affairs Administration at the Ministry. The session discussed the joint committee’s report from the Committees on Industry, Energy and Environment, Constitutional and Legislative Affairs, and Planning and Budget on the draft law submitted by MP Mohamed Ismail and more than one-tenth of the House members to amend certain provisions of Law No. 198 of 2014 on Mineral Resources.
Engineer Karim Badawi praised the role of the House of Representatives, chaired by Counselor Dr. Hanafi Gebaly, and its specialized committees in advancing national efforts across political, economic, and social fields. He appreciated the Parliament’s support for the Ministry’s plans and projects, approving necessary laws and international agreements. Badawi stressed that strengthening cooperation between Parliament and state institutions will contribute to achieving the great aspirations of the Egyptian people.
He also extended his gratitude to Dr. Abdel Hadi Al-Qasabi, Leader of the Parliamentary Majority, the Coordination of Youth Parties and Politicians, and MP Mohamed Ismail for their continuous efforts and joint work with the Ministry to finalize the law aimed at transforming the Mineral Resources Authority into an economic entity. He also thanked MP Mohamed El Sallab, Chairman of the Industry Committee, and its members for their efforts to expedite the completion of the draft law.
Badawi explained that he had the honor of presenting the Ministry of Petroleum and Mineral Resources’ program as part of the government’s overall plan before Parliament, where one of the key axes for the mining sector was transforming the Mineral Resources Authority into an economic authority, in line with the directives of His Excellency President Abdel Fattah El-Sisi.
He added, \”Today, we are writing a new chapter in the history of the Egyptian state—one that will leave a profound impact on the economy of our beloved nation.\”
Engineer Karim Badawi pointed out that Egypt possesses vast mineral resources, a strategic geographic location, and a highly developed infrastructure in transport and energy. These factors necessitate the optimal exploitation of these resources through fair and transparent mechanisms that balance attracting investments with protecting national wealth, ensuring effective participation of both foreign and local investments in development returns, and establishing a modern framework to encourage sustainable investment and employ modern technologies to maximize the added value of mineral resources.
From this perspective, the Ministry has developed a strategy to reform the mining sector while simultaneously attracting investments by launching successive mineral exploration tenders and upgrading the necessary infrastructure. He noted the design of a modernization and development program for the Egyptian mining sector in cooperation with major international consultancy firms. This program focuses on key pillars, notably legislative and legal reform. A modern mineral exploitation agreement model aligned with global standards has been successfully finalized, and the necessary steps for its issuance are underway. This reflects efforts to improve the investment climate and lay a strong foundation for mutual benefit, in line with Egypt’s comprehensive mining sector modernization strategy, which aims to enhance transparency between the investor and the state, maximize resources, and create added value.
Badawi emphasized that the amendment of the Mineral Resources Law to transform the Egyptian Mineral Resources Authority from a service-based to an economic authority is designed to support and develop the mineral wealth sector, implement mining projects, organize geological survey and exploration activi
