By: Abdullah Bedier

Cairo – Mubasher: Egypt will sign contracts of the Russian industrial zone located in eastern Port Said in the New Suez Canal within days, the Suez Canal Economic Zone’s (SCZone) advisor Samir Abdel Shafi said on Monday.

A residential area will be built in Ain Sokhna to house 600,000 people, in addition to establishing an industrial zone, Abdel Shafi added during the Intelligent Cities Exhibition and Conference 2017 (ICEC).

Egypt’s trade minister Tarek Kabil said earlier this month that Egypt will sign the final agreement for setting up the Egyptian-Russian industrial zone in Egypt prior to the end of 2017.

The Egyptian-Russian zone will be built on a 5 million square metre area at the Suez Canal Corridor Area with investment worth $7 billion and construction cost of $190 million.

Translated by: Mai Ezz El-Din