Russia to invest $22bn in new industrial zone in Port Said

CAIRO – 2 March 2017: A Russian-Egyptian framework agreement that will be signed in June will include 17 projects with total investment of $22 billion for the Russian Industrial Zone (RIZ) in eastern Port Said, First Deputy Minister of Industry and Trade Gleb Nikitin said at a Wednesday press conference,

Enterprise

reported.

Nikitin arrived Wednesday for a two-day visit, heading a Russian business delegation of 35 companies, and will visit the Chinese TEDA Industrial Zone in Ain Sokhna, along the Red Sea, according to

Sputnik

.

According to Enterprise, the project will be executed in three phases and is set to be completed over 30 years. The RIZ will have its own management company and two-thirds of the zone will be industrial, with the rest consisting of residential areas and amenities,

Enterprise

reported.