Russia,Egypt to sign industrial Zone first phase in April

Big 5

A high profile Russian delegation including companies and government officials is set to visit Egypt and  sign the agreement to start receiving the land plot to carry out the first phase of the Russian industrial Zone (RIZ)next April, Mohab Mamish is the chairman of the Suez Canal Authority.

the Russian industrial Zone (RIZ) is scheduled to be implemented in the Suez Canal Economic Zone in Egypt on an area of 5.25 million square meters and will be built over three phases.

He further told Amwal Al Ghad that a large number Russian companies are seeking to invest in RIZ, whereas the Suez Canal Authority has succeeded in agreeing with 200 Russian firms to exist with their projects during the upcoming period.

Furthermore, the project will be conducted on three phases, the first phase involves 1 million square meters, will be carried out by a Russian developer who will also work on attracting Russian investors and companies throughout 2018 and 2019. This phase will create 7,300 jobs in the construction field.

The second phase will develop 1.6 million square meters and will be finished by 2022, creating 10,000 jobs, while the third phase will develop 2.65 million square meters and generate 17,000 jobs.

The three phases are expected to be finished by 2031, when Russian companies will start operations, providing some 35,000 direct and indirect jobs, the statement said.

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