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Canal Economic authority signs final contracts for “Russian Zone” 17 February

An official source of SC Economic authority has revealed final signature date for “Russian industrial zone” decided to be on 17 of current month. Where actual commencement will be directly after signature of first phase; during which development of 1km2 of total zone allocated area will be executed; on an area reaching about 5.25 km2.

 Official newspaper has published president Sisi consent for the establishment and operation of Russian Industrial Zone at East Port Said, affiliated to SCEZ, this was decree number 420 for the year 2018; approving all terminated agreements between the governments of Egypt and Russia for a 50 years’ time and that are to be automatically renewed for 5 consecutive years as long as both parties had no intention to end them up.  

  Work for the establishment and implementation of the Russian zone will keep on going till 2031 in 3 phases, starting by first phase whose final contracts are to be signed on the above mentioned date, second phase is development of 1.60km2 and will start as soon as first phase is accomplished whereas third phase includes development of an area of 2.65km2 

 And according to the authority first phase will provide with 7300 job opportunity  in the field of construction whereas second phase provides with 10 thousand job opportunity  in addition to 17 thousand in third phase; this through a joint company between the two sides.

 Worth noting that the Russian Zone will be established on an area of 5.25km2 amongst which 2.8 km2 industrial buildings and projects , so that remaining allocated area will be for the establishment of commercial, entertaining and residential complexes, this was mentioned by head of authority in previous statements.     

IMO Secretary-General

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