African Business: Egypt’s Gold Boom and the Sudanese Gold
Sudanhorizon – Agencies
African Business magazine published a report in “The Weekly Newsletter, addressing the surge in gold exports in Egypt, the reasons behind it, and the role of Sudan, Sudanese gold exports, and their impact.
The newsletter indicated that in January and February 2025, Egypt exported gold equivalent to its exports in the first nine months of 2024, with exports reaching $3.2 billion in the first quarter. The United Arab Emirates accounted for $1.85 billion of this in January and February alone, a significant increase compared to $65 million during the same period of the previous year. Exports to Switzerland also rose by nearly 50% in the first quarter. The report added that these record exports were accompanied by foreign investment in this promising sector.
The economic magazine noted that in September 2024, AngloGold Ashanti, the gold mining giant, acquired Centamin, the operator of Egypt’s Sukari mine, one of the country’s most important gold mines, in a deal worth US$2.5 billion, comprising both stock and cash.
The Canadian company Aton Resources and the Egyptian Mineral Resources Authority established Abu Marawat Gold Mines as a joint venture to develop discoveries in the Eastern Desert. In early 2024, the government indicated that the Abu Marawat discovery could contain a strategic reserve of up to 290,000 tons of gold. In April 2025, the World Consortium of Mining, part of the Saudi Arabian Gold Refining Group, announced plans to obtain a license to explore for gold and other minerals in Egypt’s Eastern Desert.
Meanwhile, the interest of foreign companies prompted Shalateen Mineral Resources, a state-backed joint-stock company, to seek international partners through a tender for gold exploration.
Sudan’s Reluctant Contribution:
The magazine stated that Egypt’s gold boom couldn’t be understood without addressing Sudanese gold, as Sudanese gold has long been linked to funding warring factions in the civil war, thus prolonging the conflict. Much of it ends up in the United Arab Emirates. According to the Swiss Agency for Development and Cooperation (SwissAid), Egypt was the primary destination for smuggled African gold in 2022.
While Sudanese gold is smuggled through almost all neighboring countries, using various strategies, the Solomon report at Chatham House concluded that a significant portion of the production from areas controlled by the Sudanese Armed Forces “is likely exported to Egypt… to prevent it from being sent directly to the UAE,” which is accused of supporting the rebel paramilitary Rapid Support Forces.
While there is no reliable data on the exact quantities reaching Egypt, SwissAid indicated that some gold declared as “recycled” in Egypt may originate from Sudanese mines. Suleiman also highlights a policy shift that may have facilitated these flows: In May 2023, a month after the start of the Sudanese war, Egypt eliminated all customs duties and taxes on gold imports—including raw gold—regardless of origin, quantity, or method of supply.
“This policy coincided with the displacement of more than 1.5 million Sudanese to Egypt, many of whom brought gold with them and used it as a means of barter, transportation, and trade,” Suleiman says.
The UAE’s pivotal role:
Regarding the UAE, the magazine notes that the lack of official gold import records or tracking mechanisms makes it difficult to determine the amount of gold permitted to be imported across the border.
These transparency issues are not limited to flows related to Sudan. A previous report by the Swiss Agency for Development and Cooperation (SwissAid) pointed to several discrepancies in Egyptian gold exports to Canada, but ultimately attributed them to “a possible error in Egyptian customs data, specifically an error in identifying the country of destination.”
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