The Egyptian Group for Multipurpose Terminals (EGMPT) and Turkish conglomerate DOGUS signed a Memorandum of Understanding (MoU) to establish a massive industrial zone in Jarjoub Port, according to a press release issued by the Egyptian Ministry of Transport. This project, valued at an estimated $7 billion, significantly boosts Egyptian-Turkish economic cooperation.
The MoU paves the way for a comprehensive development project at Jarjoub Port. This includes the construction of a commercial port, free trade zones, logistical areas, a railway network for seamless transportation, a multi-purpose cargo terminal, a passenger terminal, a yacht marina, and the centerpiece – a Turkish industrial zone.
The MoU outlines a 6-month timeframe for conducting feasibility studies, initiating project implementation procedures, and securing the necessary approvals. During this period, a joint alliance will work closely with EGMPT to finalize the plans and secure financing from international institutions. This project aligns perfectly with the Egyptian government’s strategy to leverage the strategic location of Jarjoub Port and unlock its economic potential.
This MoU is signed amidst a recent decline in Egyptian-Turkish trade relations. The Central Agency for Public Mobilization and Statistics (CAPMAS) reported a 7.1% decrease in Turkish investments in Egypt during FY22/23 and a 15.7% drop in bilateral trade volume compared to 2022. This project signifies a potential turning point, fostering renewed economic collaboration between the two nations.
The report suggests the contract finalization by year-end, with operations commencing in early 2026. This project has the potential to create significant job opportunities, attract further investments, and solidify Jarjoub Port as a major trade and logistics hub in the region.
