Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) Ahmed Darwish said that a Russian industrial zone in Eastern Port Said will be built under a usufruct right for 50 years.
“The Suez Canal Economic Zone has come a long way in the negotiations with the Russian developer, which started in November,” Darwish said in a statement following his meeting on Friday with Russia’s First Deputy Minister of Industry and Trade Glib Nikitin.
“The Russian side will get a land in the zone under usufruct right for 50 years and will develop the land in line with a general plan approved by the board of the authority,” he said.
The project will be built through two phases, which will cover two million square meters, he said.
