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Egypt announces signing investment contracts with 50 Russia companies

SOCHI, RUSSIA - OCTOBER 17: (RUSSIA OUT) Russian President Vladimir Putin (R) and Egyptian President Abdel Fattah el-Sisi (L) attend their meeting in Sochi, Russia, October,17, 2018. Egyptian President el-Sisi is having a two-days state visit to Russia. (Photo by Mikhail Svetlov/Getty Image
Russian President Vladimir Putin (R) and Egyptian President Abdel Fattah el-Sisi (L) attend their meeting in Sochi, Russia, October,17, 2018. Egyptian President el-Sisi is having a two-days state visit to Russia. [Mikhail Svetlov/Getty Images]

Egypt's Ambassador to Russia Ihab Nasr confirmed that 50 Russian companies have signed contracts to invest in the economic zone in eastern Egypt.

These investments are mainly based in Port Said and Ain Sokhna, near the Red Sea, and will provide a variety of Russian products.

Nasr did not state the value of the contracts nor the most prominent Russian company that signed the new investment contracts.

During a telephone interview with Sada El Balad, Nasr predicted that Russian tourists would soon return to Egypt, following the authorities' decision to resume flights to Hurghada and Sharm El-Sheikh. He explained that the precautionary measures taken in the Egyptian tourist facilities were positively evaluated.

Nasr added that Egypt ranks fourth out of 14 countries in terms of direct flights with Russia.

On 23 April, the Egyptian presidency announced that Cairo and Moscow had agreed to fully resume mutual flights, after a pause of more than five years due to the bombing of a Russian passenger plane over the Sinai Peninsula, in a Daesh terrorist attack.

READ: Egypt to produce Russia covid vaccine

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