Zalina Kornilova, spokesperson for Russia’s Ministry of Industry and Trade, confirmed that the Russian-Egyptian agreement for establishing the Russian Industrial Zone (RIZ) in the Suez Canal Economic Zone (SCZone) has been approved and is scheduled to be signed in March in Moscow, according to Russian news agency RIA Novosti.

“The Russian and Egyptian sides are carrying out the necessary internal procedures for the possible signing of an agreement on the margins of the 11th meeting of the joint Russian-Egyptian commission for trade, which will be held in Moscow in early March,” Kornilova announced.

Mohab Mamish, chairman of the Suez Canal Authority (SCA) and the SCZone, affirmed in October that negotiations between Egypt and Russia on setting up RIZ in East Port Said have been successful.

In a press statement in December, Mamish revealed further details on the RIZ, announcing that it will be built on an area of 5.25 sqm, with a total of USD 6.9 bn worth of Russian investments. The RIZ will be implemented in three phases over 13 years, starting 2018. It aims at generating nearly 35,000 direct and indirect jobs.

Industrial buildings and projects will be constructed on an area of 2.8 square meters, while the remaining land will be used for building residential units as well as commercial and entertainment facilities for the working staff.

Some of the industries targeted by RIZ are manufacturing air conditioners, motors, construction equipment, electronics, sensors, medical supplies, glass, ceramics, and plastic.

Mamish added that the RIZ is expected to cover East Port Said industrial needs and to serve as an entry for Russian companies to African and European countries.