Egypt’s President Abdel Fattah El Sisi reviewed the progress of several national projects being implemented by the Ministry of Transport, including the Gargoub Development Project, which aims to transform the area surrounding Gargoub Commercial Port into a special economic zone and to use the port as a new gateway for foreign trade and modern industries in northwestern Egypt.
This came during the President’s meeting with Prime Minister Mostafa Madbouli, Transport Minister Kamel al-Wazir, Navy Commander Ashraf Atwa, Head of the Financial Affairs Authority of the Armed Forces Ahmed al-Shazli, and Head of the Armed Forces Engineering Authority Ahmed al-Azazy.
President Sisi directed during the meeting that work on the project be continued to make the best use of the characteristics of the area in a manner consistent with the needs of Egypt’s development and economic vision, with special focus on industry and trade and attracting population growth to the area.
The President stressed the importance of taking into account global standards related to the industrial zone planning and environmental protection. He underscored the key role of port development in enhancing Egypt’s leadership as an international hub for trade exchange and the provision of logistics services, in a way that maximises the benefits of Egypt’s geographical location and integrates and supports the state’s development plan to achieve comprehensive development in Egypt.
The Minister of Transport al-Wazir outlined the components of the massive development project, which aims to make use of the area’s advantages in a comprehensive framework, which includes developing the port, urban and industrial development of the surrounding areas, benefiting from the project in creating a renewable energy zone.
This is in addition to making the best use of the project’s waterfront as a tourist destination. The project also aims to develop modern industries and improve the economic conditions of the residents of the area and the entire of Matrouhgovernorate, by creating an industrial zone, a business center, new residential and service neighborhoods, as well as hotels and tourist resorts.
The meeting also discussed one of the important projects within the framework of the development plan, which is the green hydrogen production and export project, in cooperation with the alliance led by DEME Group. The total foreign direct investments in the project amount to 26 billion dollars during the coming years.
The meeting also discussed one of the most important projects in the development plan, which is the production and export of green hydrogen in cooperation with the Belgian-led consortium led by the company “Demex.” The total foreign direct investment in the project is estimated at $26 billion over the next few years.
