Egypt, Turkiye forge $7 billion investment deal for new industrial zone

The project could create more than 20,000 job opportunities

Egypt’s Ministry of Transport has announced the signing of a memorandum of understanding (MoU) for the establishment of a Turkish logistic industrial zone in Marsa Matrouh, located in the northwest of Egypt.

According to the ministry’s statement, the project will be implemented in the economic zone of Jarjoub and aims to attract over $7 billion in direct investments while creating more than 20,000 job opportunities across different stages.

This initiative is a significant part of Egypt’s strategic plan, which seeks to leverage the advantageous position of Mina Jarjoub. The plan involves the development, management, and operation of a commercial port, free trade and logistical zones, as well as their integration with the railway network. Additionally, it includes the construction of a versatile cargo station,a passenger terminal, a yacht marina, and an industrial zone.

Enhancing trade with Africa

The primary objective of the project is to enhance trade volume with African countries and strengthen Egypt’s role within the African continent. It also aims to establish a logistics directorate to support complementary industries, value-added industries, and storage activities for different types of goods, utilizing the vast untapped area behind the port.

Global investment attraction

Furthermore, the project aims to attract global investments across various economic sectors such as industry, tourism, logistics, and information technology. It envisions the development of global tourist centers like Al-Alamein and Ras Al-Hekma to promote tourism, increase Egypt’s share in the tourism sector, attract cruise tourism, and create a comprehensive urban community. Additionally, plans are underway to establish a private airport in the city.

Feasibility studies and financing

The MoU sets a timeline of six months for conducting studies, initiating project implementation procedures, and obtaining necessary approvals. Feasibility studies will be carried out, financing procedures will be initiated, and submissions will be made to an international institution for funding the construction phase.

The Ministry of Transport has stated its intention to finalize the contract before the end of this year, with operations scheduled to begin in early 2026.

Source: economymiddleeast

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