ArabFinance: Russia plans to establish its second industrial zone in Egypt in Ain Sokhna, Suez Canal Economic Zone (SCZone) Chairman Yehia Zaki said in a statement.

Zaki added that Russia is eyeing an expansion into the Ain Sokhna industrial zone because of the investment incentives on offer.

The amount of investment is not yet determined.

On the other hand, work on the first phase to transform Ain Sokhnas port started three months ago, and it is scheduled to be completed in March 2023.

The project will add four new basins, new container terminals and logistics areas, and a connection to the new high-speed rail line being constructed between Sokhna and New Alamein.

Zaki further noted that Russia wants to start working on its $7billion Russian Industrial Zone (RIZ) in terms of facilitating procedures.

The RIZ comes under a 50-year agreement with Russia and grants as many as 32 Russian companies rights to develop a 5.25 million square meters stretch of land in the SCZone.

RIZ, which was previously expected to go online last year, is now set to be up and running in 2022.

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