SCZone chairman Yehia Zaki said on Wednesday that Russia is expected to complete its industrial zone in Ain al-Sokhna within the next five months.
In May 2018, Egypt and Russia signed a 50-year agreement to set up a sprawling industrial zone over 5.25 million square metre (57 million square foot) in east of Port Said. Egyptian President Abdel Fattah al-Sisi had ratified the agreement a year later.
Russia and Egypt signed on Wednesday an appendix to the 2018 agreement whereby Russian firms have now the right to establish shops in the SCZone. The appendix also lifts restrictions on Russian firms so that they could sell products in the Egyptian market. As many as 100 percent of products manufactured by Russian companies in the SCZone are expected to be sold in Egypt.