Egypt expects construction to start on Russian industrial zone by mid-2024

Egypt expects construction works would begin on Russia’s sprawling industrial zone in the North African country by mid-2024, government sources with knowledge told Amwal Al Ghad on Monday.

The Egyptian and Russian government are in advanced talks to start putting spades in the ground to build a 5.25 million square metre (57 million square foot) industrial zone, which will be located east of Port Said in the Suez Canal Economic Zone.

On May 2018, the two countries signed a 50-year agreement to build the industrial zone, with Egypt’s hopes to attract up to $7 billion in investments. The plan is to create an international hub for manufacturers with easy access for exporting goods to African and European markets.