Matrouh’s Gargoub gets SCZone-like status-

The Egyptian Cabinet has greenlit the establishment of the Gargoub Special Economic Zone in Matrouh, according to a statement following Thursday's weekly meeting. The new general authority heading the zone will report directly to the Prime Minister, holding full jurisdiction over 402k feddans to establish companies and enter into public-private partnerships.

By granting Gargoub the special economic zone status, the state is giving it the same perks granted to the Suez Canal Economic Zone — companies operating there will benefit from reduced income taxes, a specialized customs regime for equipment and inputs, and a genuine “one-stop-shop” for licensing.

The big picture: Gargoub is being positioned as Egypt’s western gateway to Europe, and this decree provides the regulatory certainty investors have been waiting for before committing to long-term projects.

REMEMBER- The Egyptian Group for Multipurpose Terminals (EGMPT) is planning to establish a new terminal at Gargoub Port as part of a planned USD 230 mn ports push in the North. The area was also eyed by international players, including for a green hydrogen plant by a consortium led by the Belgian Deme Group and a USD 7 bn industrial zone by the Turkish Doğuş Construction and Trade.

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