{"id":617523,"date":"2024-03-24T00:00:00","date_gmt":"2024-03-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/24\/turkish-firm-eyes-usd-7-bn-logistics-and-industrial-zone-in-gargoub\/"},"modified":"2024-03-24T00:00:00","modified_gmt":"2024-03-24T00:00:00","slug":"turkish-firm-eyes-usd-7-bn-logistics-and-industrial-zone-in-gargoub","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/24\/turkish-firm-eyes-usd-7-bn-logistics-and-industrial-zone-in-gargoub\/","title":{"rendered":"Turkish firm eyes USD 7 bn logistics and industrial zone in Gargoub"},"content":{"rendered":"

A Turkish industrial zone in Egypt back in the cards?<\/strong> Turkish firm Do\u011fu\u015f<\/a>Construction and Trade<\/a> has signed an MoU with the transport ministry\u2019s Egyptian Group For Multipurpose Terminals<\/a> to establish an industrial and logistics zone in Gargoub on the country\u2019s northwest coast with over USD 7 bn in estimated investment, according to a statement<\/a> from the ministry. <\/p>\n

D\u00e9j\u00e0 vu? <\/strong>Enterprise heard<\/a> from industry insiders in February that Egypt and Turkey were set to revive plans to set up Turkish industrial zones following President Recep Tayyip Erdogans\u2019 visit<\/a> to the country. We also heard from meetings preceding Erdogan\u2019s visit between Trade Minister Ahmed Samir and Turkish business representatives that a Turkish industrial zone would house industries including aluminum production, automotive, machinery and equipment, and advanced tech industries.<\/p>\n

The details: <\/strong>The project plans to establish a commercial port in addition to logistics and free zones, which will all be linked to the railway network<\/a>, a freight station, a yacht marina, a multipurpose terminal, and an industrial zone. It will take six months to complete studies and obtain the required approvals for the project. A final contract is expected to be signed by the end of the year, with operations in the multipurpose terminal and the logistics area expected to kick off in 2026.<\/p>\n

The why: <\/strong>In addition to warming political relations helping to pave the way for investments between Egypt and Turkey, Ankara sees an important window to boost its exports to Africa through Egypt, especially due to its membership of Comesa and the African Continental Freetrade Agreement, Egyptian-Turkish Business Council member Majd El Manzalawy told Enterprise earlier in the year. This geographical advantage, coupled with an investor-friendly environment \u2014 thanks to the government\u2019s golden license program and the wide availability of raw materials \u2014 also positions Egypt as an attractive investment destination for Egypt, House Economic Committee member Attia El Fayoumi told Enterprise.<\/p>\n

It\u2019s not only Turkish companies that are interested in Gargoub: <\/strong>South Korean trading company STX Corporation<\/a> announced in November<\/a> that it will work with the government to upgrade Gargoub port, establish an industrial-logistics zone in the area, and buildan oil pipeline connecting Libyan fields to the port as well as residential and tourist areas. Belgian dredging and offshore energy contractor DEME also has a USD 3.1 bn project in the pipeline<\/a> to produce green hydrogen and its derivatives near the port.<\/p>\n","protected":false},"excerpt":{"rendered":"

Operations are expected to begin in 2026 with a multipurpose terminal and logistics area<\/p>\n","protected":false},"author":1,"featured_media":617524,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[6717,72,103,125,145,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-egypt-turkey-relations","tag-enterpriseam","tag-fdi","tag-investment-watch","tag-logistics","tag-trade","wpautop","entry"],"acf":{"mongo_id":"5e17a87d-21de-425e-85b6-4b6d8fb84d99","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/879.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Turkey\u2019s Do\u011fu\u015f eyes USD 7 bn logistics and industrial zone in Egypt\u2019s Gargoub","related_issue":[617514],"teaser":"Operations are expected to begin in 2026 with a multipurpose terminal and logistics area","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.753959f1-0c31-42dc-b6a3-d44524b85d23.mp3"},"yoast_head":"\nTurkish firm eyes USD 7 bn logistics and industrial zone in Gargoub - 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We have reached the tail-end of Ramadan, which means newscycle slowdown, and, of course, the reappearance of the Eid kahk.Where does one begin when it comes to these sugary biscuits? You begin with us, of course. We have tried a wide selection\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/572.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":635976,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/18\/turkish-businessmens-association-meets-with-ida-to-lobby-for-turkish-industrial-zone\/","url_meta":{"origin":617523,"position":4},"title":"Turkish Businessmen\u2019s Association meets with IDA to lobby for Turkish Industrial Zone","author":"enterpriseam admin","date":"18 December 2017","format":false,"excerpt":"The Turkish Egyptian Businessmen\u2019s Association will meet with officials from the Industrial Development Authority to lobby for the establishment of a EGP 3 bn Turkish industrial zone sometime next month, the association\u2019s head Atilla Ataseven said, according to Al Borsa. The association will also meet with officials from the ministries\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":617563,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/24\/this-evening-valu-closes-egp-888-mn-securitized-bond-issuance\/","url_meta":{"origin":617523,"position":5},"title":"THIS EVENING: Valu closes EGP 888 mn securitized bond issuance","author":"enterpriseam admin","date":"24 March 2024","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and welcome to a very rainy start to the business week here in Om El Donia. So, when do we eat? Maghrib prayers are at 6:09 pm in the capital city, and you\u2019ll have until 4:25 am tomorrow to hydrate and caffeinate ahead of fajr.THE\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/141.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=617523"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617523\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/617514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/617524"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=617523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=617523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=617523"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=617523"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=617523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}