Egypt set to host Sun City, Russia’s unprecedented industrial hub

Egyptian Minister of Investment and Foreign Trade Hassan al-Khatib and Russian Minister of Industry and Trade Anton Alikhanov witnessed the signing of the usufruct contract for the Russian Industrial Zone in the Suez Canal Economic Zone.

The establishment of the Russian Industrial Zone in Egypt marks a unique undertaking, being Russia’s first such venture in an Arab nation since the Soviet Union’s dissolution.

The area represents a point of significant mutual interest for both Egypt and Russia.

Russia’s leadership has been significantly influenced by the prospect of having a physical presence in new markets. It anticipates achieving the primary goal of its foreign economic strategy, which is to increase the share of non-primary exports in foreign trade.

Egyptian-Russian negotiations on establishing the Russian Industrial Zone in Egypt began after the meeting between Presidents Vladimir Putin and Abdel Fattah al-Sisi in Sochi in 2014.

Actual negotiations on establishing the zone commenced in August 2017.