Russia, Egypt to resume industrial zone talks this weekend

A Russian delegation will visit Egypt by the end of this week to resume talks to build a sprawling industrial zone in the Suez Canal area, said an official in the Suez Canal Authority on Monday.

Mohab Mamish, Head of the Suez Canal Authority and Economic Zone, said the two countries will sign the final agreement on the Russian industrial zone in Egypt soon.

The 5 million-square metre industrial zone will be located east of Port Said in the new Suez Canal Economic Zone, a mega project initiated by President Abdel Fattah al-Sisi. The plan aims to create an international hub for manufacturers with easy access for exporting goods to African and European markets.

The project will cost $190 million to build, said a trade ministry statement released on Tuesday following a meeting with Russian officials in Cairo last October.