Fiber2Fashion - Turkish conglomerate Dogus Group and the Egyptian Group for Multipurpose Terminals (EGMPT) recently signed a memorandum of understanding (MoU) to set up a Turkish industrial zone in Egypt’s Jarjoub, which hosts a port.

The $7-billion project includes a commercial port, free and logistical zones, railway connectivity, a cargo terminal, a passenger terminal, a yacht marina and an industrial zone.

Feasibility studies will be conducted for six months followed by project implementation procedures and obtaining the requisite approvals, Egyptian newspapers reported.

Operations for the project are expected to commence in early 2026.

Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) reported in February a 7.1-per cent drop in Turkish investments in Egypt, with a recorded value of $167.2 million during fiscal 2022-2023 compared to $179.9 million in fiscal 2021-22.

The bilateral trade volume declined by 15.7 per cent year on year, reaching $6.6 billion last year, CAPMAS figures show.