Head of the Suez Canal Authority and Economic Zone, Mohab Mamish, announced on Monday that progress on reaching development agreements for expanding Egypt's industrial shipping zones in Port Said and Ain Sokhna is being rapidly made.
Following a meeting with Egypt's Minister of Industry and Trade Tarek Kabil to discuss the latest work on Egypt's Suez Canal region, Mamish noted that negotiations with Dubai Ports (DP) are close to reaching an agreement to further develop Egypt's Ain Sokhna port region.
Mamish said good news on an agreement is expected in the next two months.
Moreover, Minister Kabil affirmed that negotiations between the Egyptian and Russian sides on the establishment of a Russian Industrial Zone in eastern Port Said are progressing smoothly.
The deals aims to develop necessary infrastructure at the sites, including water desalination plants and high-power grid networks.
Kabil highlighted the Egyptian cabinet's approval for establishing a residential city for Russian experts and workers and their families in Al-Salam City, four kilometres from the planned industrial zone.
Mamish also announced a Russian delegation is to visit Cairo this weekend to complete the negotiations led by the Egyptian government, represented by the Ministry of Commerce and Industry, with the final agreement to be inked soon.
Mamish announced in March that work on the zone would start in 2018 and that Russia would act as an industrial developer to attract companies and global investors for two years.
Egypt is working to promote the Suez Canal Economic Zone to attract international investors and boost job creation and economic growth.