The project aligns with the Egyptian government's strategy to capitalize on Jarjoub Port's strategic location.
Egyptian Group For Multipurpose Terminals (EGMPT) signed a memorandum of understanding (MoU) with Turkish DOGUS to establish a Turkish industrial zone in Jarjoub with investments reaching $7 billion, according to a report released by the Egyptian Ministry of Transport.
The project involves a collaborative effort to run a range of 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.
Under the Memorandum of Understanding (MoU), a timeframe of 6 months has been established to carry out studies, commence the project's implementation procedures, and acquire the required approvals.
Within this designated period, the alliance, in collaboration with the Egyptian Group Company, will conduct feasibility studies for the project. The objective is to initiate the process of securing financing and subsequently present the proposals to international financing institutions for the construction phase.
The project aligns with the Egyptian government's strategy to capitalize on Jarjoub Port's strategic location.
The report revealed that It is planned to sign the contract before the end of this year, with operation to begin in early 2026.
Earlier in February, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported that the value of Turkish investments in Egypt recorded $167.2 million during the Fiscal Year 2022/2023 (FY22/23), compared to $179.9 million during FY21/22, a decrease of 7.1%.
According to CAPMAS, the volume of trade exchange between Egypt and Turkey recorded declined by 15.7% to hit $6.6 billion In 2023, compared to $7.8 billion in 2022.
