Industrial zone will service industries such as engineering, machineries, ship manufacturing and foods
Russias Minister of Industry and Trade has said that at least 15 companies have committed to taking part in the planned Russian industrial zone in the East Port Said area of the Suez Canal Industrial Zone (SCZone).
Russian firms Kamaz, Rostselmash and other companies affiliated to the Rostec and Morton groups will participate in the project, according to a press statement released on 2 May.
The development of a Russian zone part of the Suez Canal industrial area was initially agreed during a meeting between Russian president Vladimir Putin and Abdul Fattah al-Sisi last year.
Negotiations between the Egyptian Industrial Development Authority (IDA) and the Russian government for the industrial zone temporarily stalled following the crash of the passenger flight in Sharm el-Sheikh on 31 October, but have since resumed, according to local sources.
At the time, Egypts IDA has said that the 2 million-square-metre Russian industrial zone will service industries such as engineering, machineries, ship manufacturing and foods.
In early September, MEED reported that UAE-based international courier service Aramex is currently in talks with Cairo-based Orascom Telecom Media and Technology Holding for the development of several logistics projects in Egypt. Damman-based Zamil Industrial is also set to develop a 202,342 sq m logistics centre, which will be built in the Qena governorate.