February 15, 2019
On Friday Admiral Mohab Mameesh, chairman of the Suez Canal Authority and Suez Canal economic zone clarified that his visit to Russia, scheduled on Sunday 17th February, will witness the final touches and the final round of negotiations for the operational contract for the Russian industrial zone in the Suez Canal Economic Zone.
In an exclusive statement to Sputnik Mameesh said “The purpose of the visit is to put that final touches and the final round of negotiations for the operational contract for the Russian industrial zone”.
He added “We will meet with a delegation from the Russian Export Center funding the projects, after the presidential decree to approve the agreement signed by Egypt and Russia for the establishment and operation of the Russian industrial zone in the East of Port Said. There will also be talks with some Russian companies about investment opportunities in the Suez Canal area.”
Admiral Mohab Mameesh assured “The Russian Industrial Zone will be part of the development projects of East Port Said, an area of strategic importance. The projects will be built over an area of 5.25 square kilometers with investments of $ 6.9 billion via the Industrial Developer System. The project aims to make Egypt a focal point for launching Russian products to international markets, as well as developing and implementing specialized programs to train experts in various industrial sectors”
“The financing of the project will be through the Russian Fund for Direct Investments, as well as a number of Egyptian banks, and various manufacturing sectors such as the automotive, pharmaceutical, oil, gas, mining and nuclear power industries,” Mameesh said.
“Phase one will begin after signing the final contract for the innovation and development of 1 square kilometer by the Russian industrial developer, which will provide 7300 jobs. The Russian industrial developer will also work to attract Russian companies and investors within two years.”