Region's First Ship Recycling Project to Launch in Damietta
The 2 million-square-metre facility will scrap, repair and build ships up to 400 metres long and 40,000 tonnes in weight.
The Ministry of Transport announced the signing of a Memorandum of Understanding (MoU) between the Holding Company for Maritime and Land Transport and Al-Wahda Industrial Development Company to establish the region's first ship recycling project. The initiative will scrap, repair and build ships up to 400 metres long and 40,000 tonnes in weight at a 2 million-square-metre facility near Damietta Port.
The facility will process ships from around the world, producing internationally certified scrap for the steel industry. Egypt’s steel factories currently operate below capacity due to a shortage of local scrap. With 8 million tonnes of rebar produced annually against a licensed capacity of 16 million tonnes, the country imports 3 million tonnes of scrap yearly.
The new project is expected to supply 1.5 million tonnes annually within five years, covering 66% of domestic demand and reducing foreign currency outflows. The project will create 4,000 direct and indirect jobs.
