In December 2024, the British Egyptian Business Association (BEBA) led a Sectoral Business Mission to the United Kingdom, marking a significant step forward for Egypt’s energy and mining sectors. The mission, spearheaded by H.E. Eng. Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, underscored the nation’s commitment to achieving its Vision 2030 goals. Over the course of the mission, the delegation engaged in a series of in-depth roundtable discussions, fostering dialogue between business leaders and international investors to address the challenges and opportunities shaping Egypt’s economic future. This strategic mission aimed to strengthen Egypt’s international partnerships, attract investment, and spotlight the advancements in modernising its energy and mining industries. With the global emphasis shifting towards sustainability, innovation, and decarbonisation, the events showcased Egypt’s readiness to establish itself as a regional and global leader in these sectors, while navigating the complexities of economic transformation.
Key Highlights: Advancing Egypt’s Mining Sector
H.E. Minister Karim Badawi announced major advancements in Egypt’s mining sector during BEBA Egypt’s UK business mission, marked by the signing of three MOUs with AngloGold Ashanti, Barrick Gold, and Aton Resources Inc. The agreements reflect Egypt’s growing global partnerships in mining, oil, and gas. Aton Resources’ successes at Abu Marawat, including discoveries at Hamama and West Rodruin, and plans for a gold processing plant were highlighted, with a revised concession agreement enabling greater investment. Aton’s CEO praised Egypt’s new mining law and reaffirmed commitment to collaboration.
Key developments included AngloGold Ashanti’s expansion after acquiring Centamin PLC and the Sukari Gold Mine, Barrick Gold’s entry into Egypt, and ongoing Aton Resources successes. These achievements, supported by BEBA and H.E Eng. Badawi’s leadership underlines Egypt’s commitment to modernising mining and boosting investment.
Discussions with Saudi officials, including Eng. Khaled Saleh Al-Mudaifer, focused on mining cooperation, with H.E Eng. Badawi was invited to the 2025 International Mining Conference in Riyadh. Talks also explored partnerships with Shard Capital and Al Qahtani Holdings, including a planned petrochemical complex in New Alamein with ECHEM.
Day One – December 3, 2024
Capitalising on Investment Opportunities
The mission commenced with a roundtable session titled “Capitalising on Investment Opportunities in the Energy Sector to Realise Egypt’s 2030 Vision”, moderated by Dr. Yasser Hassan, CEO and Managing Director of the National Bank of Egypt (UK) Ltd. The discussion outlined Egypt’s strategic priorities in transitioning from a fossil fuel-dependent economy to one powered by a diverse and sustainable energy mix.
H.E Eng Badawi highlighted the government’s efforts to balance the dual objectives of ensuring affordable energy production while exploring new energy sources. He stressed the importance of meeting domestic energy demand while generating surplus capacity for export, positioning Egypt as a regional energy hub.
Egypt’s ambitious target to generate 40% of its energy from renewable sources by 2030 was a key focus. Solar and wind power, along with green hydrogen, were identified as critical elements of this transformation. However, challenges such as the devaluation of the Egyptian pound and misalignments between production costs and market prices have affected project viability. H.E Eng Badawi acknowledged these hurdles and detailed the government’s plans to reform energy pricing structures and create a more investor-friendly regulatory environment.
Economic resilience and regional collaboration emerged as central themes. Egypt’s strategy to leverage its geographical location and infrastructure for energy exports was highlighted as a cornerstone of its vision. Additionally, Government-to-Business (G2B) meetings with CEOs from the financial, energy, and mining sectors emphasised unlocking private sector participation in renewable energy, sustainable mining, and innovative financing solutions. Regulatory reforms and infrastructure development were identified as key priorities to accelerate economic growth and sustainability.
Day Two – December 4, 2024
Modernising the Mining Sector
The second day focused on revitalising Egypt’s mining sector under the theme “Streamlining Operations in the Energy Sector to
Tackle Climate Change and Drive Sustainability and Growth”. Moderated by Karim Refaat, Chairman of The N Gage Group, the
session underscored the Ministry’s efforts to position mining as a cornerstone of national economic growth.
Discussions highlighted Egypt’s potential in gold extraction, as well as untapped resources like phosphates and rare earth elements.
Central to this strategy is the amended mineral exploitation agreement model, designed to enhance transparency, reduce
bureaucratic hurdles, and create a more competitive and investor-friendly framework. These reforms align Egypt’s mining sector with
international standards, promoting sustainable practices and fostering strategic partnerships with regional and global leaders.
H.E Minister Badawi underscored the economic potential of mineral-rich regions like the Red Sea and Nuba, emphasising efforts to
process high-value products domestically rather than exporting raw materials. Success stories from the gold mining sector served as
benchmarks for broader industry transformation.
Infrastructure development also featured prominently. Improved transportation networks, energy infrastructure, and communication
systems are being prioritised to enhance mining operations and attract investment. Simultaneously, digital transformation is
modernising the sector, with advanced platforms for licensing, information sharing, and operational transparency streamlining
processes and bolstering investor confidence.
The session also highlighted Egypt’s adoption of cleaner technologies and environmentally conscious practices. By aligning with
global sustainability standards, Egypt aims to position its mining industry as a model for sustainable development.
In parallel, H.E Minister Badawi held a meeting with H.E. Khalid Al-Mudaifer, Saudi Arabia’s Vice Minister of Mining Affairs and Vice Chairman of Ma’aden. Discussions centred on enhancing bilateral cooperation, with Egypt showcasing its modernisation efforts and investment incentives. This engagement reaffirmed the strong ties between Egypt and Saudi Arabia, culminating in an invitation for Minister Badawi to speak at the International Mining Conference in Riyadh in January 2025.
Transitioning Egypt’s Energy Sector
The mission concluded with a session titled “Powering the Future: Exploring the Dynamics of Egypt’s Evolving Energy Sector”,
moderated by Karim Refaat. This roundtable explored Egypt’s progress and challenges in transitioning its energy mix.
Minister Badawi highlighted Egypt’s strides in renewable energy integration, particularly solar, wind, and green hydrogen, while
acknowledging the continued reliance on fossil fuels to maintain economic stability. Budget constraints emerged as a key obstacle
to implementing renewable energy projects. The session emphasised the importance of innovative funding models, stronger publicprivate partnerships, and fostering transparency between stakeholders to overcome these challenges.
Green hydrogen was identified as a promising area, given Egypt’s renewable energy resources and strategic location. By prioritising infrastructure development and international collaboration, Egypt aims to lead in this emerging sector as part of its decarbonisation efforts.
A Vision Rooted in Sustainability and Collaboration
BEBA’s Sectoral Business Mission to the UK showcased Egypt’s bold ambitions to transform its energy and mining sectors. Through
candid discussions, the mission highlighted the government’s commitment to sustainability, modernisation, and economic resilience.
By prioritising renewable energy, green hydrogen, and value-added mining, Egypt is aligning its industries with global best
practices. However, challenges such as funding gaps, economic constraints, and the complexities of transitioning to renewables
require innovative solutions. The government’s proactive regulatory reforms, infrastructure investments, and focus on private sector
engagement are crucial to achieving these goals.
International partnerships emerged as vital to success. Transparency, trust, and collaboration between local and global stakeholders
are key to implementing Egypt’s ambitious Vision 2030. By embracing sustainability and innovation, Egypt is well-positioned to
emerge as a regional leader, driving economic growth and environmental responsibility.
BEBA’s mission was not merely a dialogue but a declaration of Egypt’s readiness to lead in a new era of energy and mining transformation.