Construction work on Suez Canal to begin in 2017
Russia and Egypt have agreed to develop Suez Canal, with the latter allocating the former with 80ha land in Port Said, construction will commence next year
Construction on the Suez Canal is set to start next year, as Egypt and Russia have inked a deal to build an industrial port by the waterway.
Denis Manturoc, Minister of Trade for Russia announced that Abdel Fattah al-Sisi, President of Russia had assigned Moscow an 80ha area in Port Said that could later be expanded to an industrial zone of some 2,000ha, Al Araby reported.
Moscow initially agreed with Cairo on the construction of a Russian industrial zone in Egypt in 2014.
Russia has said that the new industrial zone will provide 77,000 jobs, with $4.6bn expected to be invested in the construction of the area by 2035.
Russian companies are set to design and construct the facility and will be allocated tax breaks.
Russia also announced plans to further develop its naval base in the Syrian Mediterranean coastal city of Tartous, in addition to plans to construct a permanent air force base in the area.
Cairo is currently in the midst of modernising the Suez Canal with plans to develop additional Chinese, and Italian industrial parks previously on the table.