Egypt grants Russia land for industrial zone in Suez Gulf

Egypt has given Russia two million square metres to begin building a Russian industrial zone in East Port Said, a senior official has revealed today.

Ahmed Darwish, the head of the Suez Canal Economic Zone in the north-eastern part of Egypt, said: “A memorandum of understanding will be signed tomorrow with the Russian business committee in order to allow Russian investors to start their projects in East Port Said.”

“Two million square metres will be granted to the Russian industrial developer to be used for the development in East Port Said.”

“Egypt provides unlimited investment privileges and motives in the area surrounding the Suez Canal, especially in East Port Said, that include waving customs and the ability to establish any company within a day,” said Darwish.

The economic zone in the Suez Canal is present in four areas: East Port Said, Qantara West, Ismailia and Ain Sukhna.

The East Port Said development project (the first industrial zone) will include a naval port, the establishment of an industrial, logistic and residential area, as well as the establishment of fish farms and four tunnels.