(MENAFN- Daily News Egypt)
Gold Era, a company that trades in gold and silver, plans to open a new factory in Cairo for producing gold bullion and jewellery, with an investment of about EGP 1bn, as part of its expansion plan in 2024.
The chairperson of Gold Era, John Luca, said that the company aims to increase its production capacity of bullion and pounds to 50 to 100 kilos per day, with an investment of EGP 500m. He also said that the company intends to launch a line for producing gold jewellery, with another investment of EGP 500m. He said that this would help the company diversify its products and meet the demand in the local market.
Luca added that Gold Era has several branches in Egypt, as well as two branches in the UAE and one branch in Saudi Arabia. He said that the company plans to open two more branches in Oman and Qatar next year, as part of its strategy to expand and reach foreign markets.
Luca explained that Gold Era produced gold bullion and pounds in different weights and sizes, suitable for all investment portfolios, ranging from a quarter of a gram to a kilo.
He also said that Gold Era allows its customers to sell its bullion products inside and outside Egypt, as the company has branches in foreign markets. He said that the company offers cashback to its customers who buy its bullion from the UAE or Saudi Arabia and sell it in Egypt.
The director of Gold Era Egypt branches, Osama Zaraay, said that the company plans to open two new branches in Tanta and Mansoura next month, bringing the total number of its branches in Egypt to 10. He said that the company has a branch in the El Sagha area, the heart of Old Cairo, and other branches in New Cairo, Sheikh Zayed, Obour, Fayoum, Assiut, and Alexandria.
Zaraay said that the company has a long-term strategic plan to cover the demand in Upper Egypt and other regions, in line with the country's plan to direct investments and develop Upper Egypt. He said that the company aims to have 18 branches in Egypt by 2024.
Zaraay also said that the company will introduce new designs for its bullion products, and offer installment options through consumer finance companies.
Gold Era is an Egyptian joint stock company, established in 2020, and licensed by the Egyptian Investment Authority and the Assay and Weights Administration. The company works in the field of manufacturing, importing, and exporting gold bullion, gold coins, and gold jewellery.
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