Head of the Suez Canal Authority (SCA) Mohab Mamish said in a statement on Wednesday that negotiations between Egypt and Russia on $7 billion worth of Russian investment in an industrial zone in the East Port Said region have been successful, with a final agreement set be finalised within coming months. Mamish said that the negotiations were held in the presence of Russia’s deputy minister of trade and industry Georgy Kalamanov, who is currently on a visit to Egypt. The Russian zone for logistics industries, which is set to cover five square kilometres, will employ 35,000 people both directly and indirectly, with a 90 percent Egyptian workforce. Discussions with Russia on the details of the agreement started in 2014.Over the past two years, Egypt has been seeking foreign investment for the Suez Canal Economic Zone, which is expected to include an international logistics hub and areas for light, medium and heavy industry, as well as commercial and residential developments.
Agreement on Russian industrial zone in Port Said to be finalised within months: Egyptian official
Latest from AFRICA
Usually, when people talk about Saudi Arabia and its hegemonic policies, we tend to relate to
The US and Libya’s Government of National Accord signed a security cooperation agreement, which includes a
The Office of the UN High Commissioner for Refugees (UNHCR) has urged the Cameroonian authority not
BANGUI – At least 135 people have been injured in the worst outbreak of violence in
President Muhammadu Buhari of Nigeria will meet Donald Trump in Washington on April 30 to discuss