Technopolis Moscow, a Russian industrial developer company, plans to deliver a masterplan for the Russian Industrial Zone in Egypt (RIZ) to the Suez Canal Economic Zone (SCZone) in the middle of the year.
Amir Abdel Ghaffar, the head of projects at the SCZone, said that Technopolis is currently working on developing the zone’s masterplan and identifying its target industries.
Abdel Ghaffar noted that the SCZone will begin working in the RIZ immediately after receiving its masterplan.
An intergovernmental agreement on creation and maintenance of the RIZ in Egypt was signed last May at a meeting of the Joint Russian-Egyptian Commission for Trade, Economic, Scientific, and Technical Cooperation, chaired by the Minister of Industry and Trade of the Russian Federation, Denis Manturov, and the former Minister of Trade and Industry, Tarek Kabil.
According to the Egyptian Cabinet, the project aims at creating new job opportunities, manufacturing high quality competitive products, transforming Egypt into a regional and international hub for Russian products, and developing specialised training programmes in various industrial sectors.
The value of investments to be attracted in this project is estimated at about $6.9bn. It is expected to provide 35,000 jobs, with a 90% Egyptian employment share.
The new zone will be built on an area of 5.25m square metres and will be located in East Port Said Logistics Hub. The project will be implemented over three phases throughout 13 years and a 50-year leasehold system which is automatically renewed every five years.