By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
    September 22, 2023
    Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    September 21, 2023
    ABB allocates €13bn for green transformation by 2030
    ABB allocates €13bn for green transformation by 2030
    September 21, 2023
    DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
    DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
    September 21, 2023
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    September 21, 2023
  • Politics
    PoliticsShow More
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    September 22, 2023
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: First phase of Russian industrial zone implementation starting next month
Share
Notification
Latest News
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
Politics
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Industry > First phase of Russian industrial zone implementation starting next month
Industry

First phase of Russian industrial zone implementation starting next month

Mohamed Farag
Last updated: 2017/12/13 at 7:27 PM
By Mohamed Farag 3 Min Read
Share
SHARE

The Suez Canal Economic Zone (SCZone) has revealed the details of establishing a Russian industrial zone in East Port Said.

The SCZone explained, in a report, that the Russian industrial zone will be established on an area of 5.2 sqkm, with investments worth $6.9bn. It will include residential and industrial complexes that include several industries, providing nearly 35,000 jobs.

According to the report, the implementation of the Russian zone will begin next month to develop the area to provide 73,000 jobs for the infrastructure work. The project will be implemented in three phases and will take 13 years to complete.

According to the meeting, a joint company between the SCZone and the Russian industrial developer will be launched to manage and operate the zone.

Mohab Mamish, chairperson of the Suez Canal Authority, said that the initial implementation phases will start next month. The economic zone is receiving a delegation from the Russian industrial developer, Technopolis Moscow, to showcase the companies planning to be present in the area and to determine a final legal framework for the company, as well as the percentages and types of Egyptian and foreign labour for the project.

With the end of the implementation of the first phase, the development of an area of 1.6 sqkm as a second phase starts. About 10,000 jobs would be provided in the second phase, planned to end in 2022. Afterwards, about 2.65 sqkm will be developed, and 17,000 jobs will be provided in infrastructure projects. The implementation of the entire area will be completed by 2031, when Russian companies will start working and establishing projects and industrial complexes that will provide nearly 35,000 direct and indirect jobs.

Mamish stressed that the Russian industrial zone is subject to the terms of the usufruct conditions specified within the zone, according to the law. He also stressed that no investor is preferred over another, and that everyone is subject to the law of the economic area.

He explained that the most important industries to be established within the Russian region include the manufacturing of sensors, ACs, motors, construction equipment, glass, ceramic, wood, paper, and feed-in industries for vehicles.

Technopolis Moscow agreed with the SCZone to establish a company to operate the region. The company will be Moscow Economic Zone.

Both sides have agreed that the supervision of the project will be carried out under the umbrella of the Egyptian and Russian governments. The funding will be provided by the Russian Direct Investment Fund, in addition to several Egyptian banks, with the aim of providing the necessary support to launch the investment projects.

You Might Also Like

Egypt ensures availability of basic commodities amid Russian-Ukrainian crisis

Egypt, Russia celebrate 80 years of diplomatic relations

Wagner chief Prigozhin reportedly killed in Russia plane crash

World witnessing steady rise of new multipolar world order: Putin

Russia’s bombers fly over neutral Arctic waters

TAGGED: Industry, russia, Russian industrial zone
Share this Article
Facebook Twitter Email Print
Previous Article Gulf Capital closes 3 new growth capital transactions in Egypt, Africa, Turkey
Next Article It is time world recognises Palestinian state: OIC 
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
Politics
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?