The General Authority for the Suez Canal Economic Zone (SCZone) has received eight requests from local and international companies to invest on an area of 4sqkm, according to a Daily News Egypt report.
The companies seek to establish petrochemical industry projects, as well as projects to assemble cars, plus textile and silicone manufacturing industries, said Mahfouz Taha, deputy head of the SCZone Authority.
Taha added that the authority received 13 requests to invest on an area of 6sqkm, highlighting that the SCZone will sign the final contract with the Russian side to establish the Russian industrial zone over the upcoming month.
The Russian industrial zone will be located on 5.25sqkm, and it will be implemented in three phases over 13 years.
The investments of the Russian side in the industrial area in East Port Said are estimated to be $6.9bn. The work on the first phase starts in 2018 to develop 1sqkm by the Russian industrial developer, to establish industries in the field of sensors, air conditioners, and motors manufacturing.
In November 2017, Sultan Ahmed Bin Sulayem, Group chairman and CEO, DP World, and Admiral Mohab Mamish, chairman of the Suez Canal Authority and chairman of the Suez Canal Economic Zone (SCZone), presented details of their agreement to develop an integrated industrial and residential zone at Sokhna in Egypt to investors and businesses in Dubai.