A Turkish industrial zone in Egypt back in the cards? Turkish firm Doğuş Construction andTrade has inked an MoU with state-owned Egyptian Group For Multipurpose Terminals to establish a USD 7 bn industrial and logistics zone on the country’s north coast in Gargoub, according to a statement released on Friday. A binding agreement is expected to be signed by the end of the year and operations at the multipurpose terminal and the logistics area are slated to kick off in 2026.

The details: The project plans to establish a commercial port in addition to logistics and free zones linked to a railway network, a freight station, a yacht marina, a multipurpose terminal, and an industrial zone, the statement notes. It will take six months to complete studies and obtain the required approvals for the project.

The rumor mill was buzzing: Enterprise had heard from industry insiders back in February that Egypt and Turkey were looking to revive plans to set up Turkish industrial zones in Egypt following President Recep Tayyip Erdogans’ visit to the country. We had also heard from meetings held preceding Erdogan’s visit by Egypt’s Trade Minister Ahmed Samir and Turkish business representatives that a Turkish industrial zone would house industries active in aluminum production, automotives, machinery and equipment, and advanced tech.

Why is this important? Ankara sees the potential to boost exports to Africa via Egypt, Egyptian-Turkish Business Council member Majd El Manzalawy told Enterprise earlier in the year. This geographical advantage, coupled with an investor-friendly environment due to incentives like the golden license program, positions Egypt as an attractive investment destination for Egypt, House Economic Committee member Attia El Fayoumi told Enterprise.

Gargoub is attracting attention: South Korean trading company STX Corporation said it will work with Egypt to upgrade Gargoub port, establish an industrial-logistics zone, and buildan oil pipeline connecting Libyan fields to the port last November.

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