Last Update 16:51
Wednesday, 28 October 2020

Egyptian presidential decree approves establishing Russian industrial zone in Suez

The agreement was signed in Moscow in May 2018

MENA , Thursday 31 Jan 2019
Container ship
File Photo: Container ship Edith Maersk crosses the Suez Canal at East Port Said Port (Photo: Reuters)
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Views: 3173

A presidential decree has been issued approving an agreement between the Egyptian and Russian governments on establishing and operating a Russian industrial zone in the Suez Canal Economic Zone (SCZone).

The agreement was signed in Moscow in May 2018.

Under the agreement a Russian industrial zone will be established on a 5.25 square kilometre area.

The deal's term is for 50 years with automatic five-year renewals as long as neither of the two parties express a desire to terminate the agreement.

Egypt's parliament approved the deal in November 2018.

The decree was published in the official gazette Thursday.

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