Media reports worldwide trade hub seeking Russia collaboration
(MENAFN) Egypt’s Suez Canal Authority is aiming to establish a formal partnership with Russia, according to RIA Novosti. Currently, Russia is partnered only with the Suez Canal Economic Zone in Port Said, but there is interest in expanding cooperation directly with the canal itself.
Osama Rabie, the chairman and managing director of the Suez Canal Authority, said on Monday that they hope to finalize such a partnership agreement with Moscow. Russia and Egypt have been collaborating on a large industrial project called ‘Sun City,’ located on a 5.25 million-square-meter site, planned to be developed over 13 years. This zone will give Russian manufacturers easier access to markets across Egypt, the Middle East, and Africa.
Key industries involved include automotive, pharmaceuticals, oil and gas, mining, and nuclear technology. Egyptian officials expect the project to generate 35,000 jobs and attract roughly $4.6 billion in investments, supported by favorable tax incentives.
In May, Egypt and Russia reaffirmed their commitment to this industrial venture during a trade and cooperation commission meeting in Moscow. Egypt recently joined BRICS alongside Ethiopia, the UAE, and Indonesia, expanding the bloc that originally included Brazil, Russia, India, China, and South Africa. Russian President Vladimir Putin has highlighted BRICS as an economic force surpassing the Western-led G7 in combined GDP.
The Suez Canal remains a crucial global trade route, handling 12-15% of worldwide cargo, 30% of container traffic, 9% of seaborne oil shipments, and 8% of liquefied natural gas transport.
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