CAIRO – 22 March 2024: The Egyptian Group for Multipurpose Terminals (EGMPT) and Turkish DOGUS have entered into a memorandum of understanding (MoU) to establish a Turkish industrial zone in Jarjoub. The investments for this project are estimated to reach $7 billion, as stated in a report released by the Egyptian Ministry of Transport.
The project encompasses a collaborative effort to implement various initiatives, including a commercial port, free and logistical zones, railway connectivity, a versatile cargo terminal, a passenger terminal, a yacht marina, and an industrial zone.
The MoU sets a timeframe of 6 months for conducting studies, Initiating project implementation procedures, and obtaining the necessary approvals.
During this period, the alliance, in partnership with the Egyptian Group Company, will conduct feasibility studies to secure financing and present proposals to international financing institutions for the construction phase.
This initiative aligns with the Egyptian government's strategy to leverage the strategic location of Jarjoub Port.
The report Indicates that the contract is planned to be signed before the end of this year, with operations expected to commence in early 2026.
In February, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported a decrease of 7.1 percent in Turkish investments in Egypt, with a recorded value of $167.2 million during the Fiscal Year 2022/2023 (FY22/23), compared to $179.9 million in FY21/22.
Additionally, the volume of trade exchange between Egypt and Turkey declined by 15.7 percent, reaching $6.6 billion in 2023 compared to $7.8 billion in 2022, according to CAPMAS.
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