Egyptian billionaire Naguib Sawiris is expanding his exposure to the country’s gold sector, with his exploration company In2Metals bidding for five additional gold blocks in the Eastern Desert.

The bids were submitted through In2Metals’ Egyptian subsidiary AKH Gold and would expand the company’s portfolio beyond its four existing exploration concessions, according to EnterpriseAM.

Naguib Sawiris expands Egyptian gold portfolio

Naguib Sawiris announced the latest expansion during the Egypt Mining Forum in the New Administrative Capital as Egypt seeks to attract more investment into its mining sector.

The move comes as In2Metals advances its most developed Egyptian asset, the Wa’al gold project in the Central Eastern Desert. The project has an inferred gold resource of approximately 1 million ounces based on drilling.

A scoping study by mining consultancy SRK Consulting is expected by the end of October and will assess Wa’al’s development potential and possible path toward commercialisation.

The study will represent a key milestone for the project, as its inferred resource has yet to establish whether the deposit can be developed economically.

AKH Gold increases exploration spending

AKH Gold has invested approximately $5 million in drilling and exploration activities in 2026, following about $9 million spent in 2025 on airborne geophysics, soil sampling and drilling.

Exploration activity was disrupted at three of the company’s four existing concessions by access restrictions linked to illegal mining. A military security campaign cleared the affected areas in July and August, with exploration expected to resume in November.

The company’s 2027 exploration budget is expected to receive board approval in October or November, potentially providing further insight into Sawiris’ plans for his expanding Egyptian gold portfolio.

Gold remains central to Sawiris’ investment strategy

The latest expansion reinforces Naguib Sawiris’ long-standing focus on gold. The billionaire has previously said gold accounts for about half of his personal investment portfolio and has built exposure to major producers through his investment vehicle La Mancha.

La Mancha has investments in listed mining companies including Endeavour Mining and Evolution Mining. Sawiris said in April that his total commitment to gold mining had reached approximately $1.9 billion.

Egypt is simultaneously seeking to expand its mining industry, with the government targeting $10 billion in annual mining exports by 2040, compared with $1.6 billion in 2021. It also aims for mining to contribute between 5% and 6% of GDP by 2030.

For Naguib Sawiris, the immediate catalyst is the Wa’al scoping study. Its findings could determine whether AKH Gold advances the project toward development financing, a strategic partnership or a potential capital-markets route, while the five new bids signal that his ambitions in Egypt’s gold sector extend beyond a single project.