RT.com
04 Aug 2025, 22:12 GMT+10
The Suez Canal Authority has reportedly signaled interest in closer Cairo-Moscow cooperation
The authority overseeing Egypt's Suez Canal is seeking to sign a partnership deal with Russia, RIA Novosti has reported. The two countries are already working together on a major industrial project in the area.
Osama Rabie, chairman and managing director of the Suez Canal Authority, told RIA on Monday that Russia currently has no direct partnership with the canal itself - only with the Suez Canal Economic Zone in eastern Port Said.
"We hope for such a [partnership] agreement," he said when asked about cooperation with Moscow.
In 2018, Russia and Egypt signed a deal to establish a Russian industrial zone on a 5.25 million-square-meter site, to be developed over 13 years. Dubbed 'Sun City,' the project will provide Russian manufacturers with access to markets in Egypt, the Middle East, and Africa.
Industries expected to operate in the zone include automotive, pharmaceuticals, oil and gas, mining, and nuclear technology. Egyptian officials say the venture will create 35,000 jobs and attract around $4.6 billion in investment. Businesses will benefit from preferential tax policies.
In May, Egypt and Russia held an intergovernmental commission on trade and cooperation in Moscow, where both sides reaffirmed the importance of the project as a way to boost industrial ties.
READ MORE: Russia set for major investment in Egypt
Egypt was one of four nations - along with Ethiopia, the United Arab Emirates, and Indonesia - that became full BRICS members in 2024. BRICS was originally formed in 2006 as an economic group between Brazil, Russia, India, and China, with South Africa joining four years later. According to Russian President Vladimir Putin, BRICS has already surpassed the Western-led G7 in terms of combined GDP.
The Suez Canal remains a vital artery of global trade, carrying an estimated 12-15% of total cargo, 30% of container traffic, 9% of seaborne oil, and 8% of LNG.
(RT.com)
Get a daily dose of Greek Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.
More InformationPARIS/NEW YORK: Luxury brands are walking a tightrope in the U.S. after fresh tariffs threatened to squeeze profits at a time when...
Skilled machinists who contribute to the protection of the US deserve better contract terms, labor union representatives have insisted...
ABU DHABI, 4th August, 2025 (WAM) -- The Central Bank of the United Arab Emirates (CBUAE) has issued its 2024 Financial Stability Report,...
With slowing job growth and wage growth, consumption is almost certain to be weak. Investment is not picking up the gap, so we will...
New Delhi [India], August 4 (ANI): The Reserve Bank of India (RBI) is expected to revise its inflation target downward for the financial...
New Delhi [India], August 3 (ANI): India is undergoing a transformative journey in the semiconductor space, rapidly building an ecosystem...
The Suez Canal Authority has reportedly signaled interest in closer Cairo-Moscow cooperation The authority overseeing Egypt's Suez...
by Dana Halawi BEIRUT, Aug. 4 (Xinhua) -- When some 2,750 tonnes of ammonium nitrate exploded on Aug. 4, 2020, the explosion ripped...
(Photo credit: Geoff Burke-Imagn Images) The ATP Tour announced Monday that the Nov. 2-8 tournament in Belgrade, Serbia, is relocating...
Moscow [Russia], August 4 (ANI): The Kremlin on Monday emphasised Russia's responsible stance on nuclear issues, cautioning against...
Paris [France], August 4 (ANI): The French National Assembly's Taiwan Friendship Group on Friday issued a strong rebuttal to a controversial...
Tel Aviv [Israel], August 4 (ANI): Israeli Minister of Foreign Affairs Gideon Sa'ar condemned 'Hamas and Islamic Jihad' for what he...
