File Photo: Container ship Edith Maersk crosses the Suez Canal at East Port Said Port (Photo: Reuters)
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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