Sunday December 10th, 2023
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35,000 Jobs to Be Created in Egypt By New $7 Billion Russian Industrial Zone

The sweeping romance that is Egyptian-Russian relations continues to blossom

Staff Writer

It seems that Egyptian-Russian relations are going from strength to strength, with the news of a historic new collabo between the two nations set to be signed on Wednesday, according to Al Ahram.

Representatives of both countries are set to finalise an agreement worth a whopping $7 billion that will develop a Russian Industrial Zone across 5.25 million square meters in the east of Port Said over three phases.

Described by Russia's Minister of Trade and Industry Denis Manturov as a “historic milestone in the development of bilateral ties” between the two countries, the zone will serve as a centre for exports to the Middle East, Europe and Africa and will generate 35,000 new jobs.

This is just latest chapter in the long novel that is the budding romance between Egypt and Russia, with trade between Cairo and Moscow amounting to no less than $6.7 billion in 2017. Building on that, Wednesday’s meeting will also apparently open discussions on boosting ties in other fields, including energy development, agricultural products, railway engineering and aviation, while talks on Egypt’s first ever nuclear power plant, which is being built in cooperation with Russia in the North Coast city of El Dabaa, will also progress.

Main Image is a rendering of the Suez Canal Economic Zone’s proposed development.  Courtesy of the General Authority for Suez Canal Economic Zone on Progrss.