File Photo: Suez Canal Authority Chief Mohab Mamish (Photo: Reuters)
The chairman of the Suez Canal Authority, Mohab Mamish, said that his four-day visit to Russia, set to start on Sunday, will include finalising negotiations to establish a Russian industrial zone east of Port Said.
Mamish noted that negotiations with the Russian side over the past period have yielded fruitful results, after a framework agreement was signed in Moscow in May 2018 to establish the zone, according to a SCA statement.
The chairman, along with his accompanying delegation, is set to meet with the Russian minister of industry and trade and his deputy, with the aim of discussing mechanisms of establishing the zone on an area of 5.25 square kilometres with investments totalling about $7 billion.
The support provided by the political leadership of the two countries has had a positive effect on negotiations between the SCA and the Russian side, Mamish said, pointing to President Abdel-Fattah El-Sisi’s decree ratifying the framework agreement.