The Egyptian Cabinet convened Wednesday to review a study on the Golden Triangle project.

The Golden Triangle area is rich with minerals, particularly gold, titanium and zinc, said Trade and Industry Minister Tareq Qabil in a press conference after the meeting. 

He called the project "Upper Egypt's hope for development."

The plan also includes the establishment of a new city, which should become the capital of the Golden Triangle, which extends between the cities of Qena, Sohag, Qusseir and Safaga, Qabil said.

The project will be implemented in a number of phases and its infrastructure is estimated to cost some 2.3 billion dollars, he added. 

Annual revenues from the project are expected to reach six billion dollars, Qabil further said.

Source: MENA