Russian business delegation to visit Egypt this month to look into RIZ development

A Russian business delegation is expected to visit Egypt this month to look into developing the USD 7 bn Russian Industrial Zone (RIZ), an unnamed government source tells Al Borsa. The 5.25 mn sqm zone will be built in three phases spanning 13 years, with work on the first set to begin this year. The Ismail Cabinet had approved last week a preliminary agreement to set up the RIZ — talks for which had begun in 2014 before hitting a roadblock — in the Suez Canal Economic Zone.