Egyptian-Russian company to manage the USD 7 bn RIZ to be set up in April

An Egyptian-Russian company will be set up in April to operate and manage the planned USD 7 bn Russian Industrial Zone (RIZ), Suez Canal Authority boss Mohab Mamish said in a statement. The Suez Canal Economic Zone and the Russian authority for exports will also set up a joint committee to oversee the project, Mamish — who is currently in Moscow to finalize the agreement for the zone — added. RIZ will be operational by June and will include pharma, agricultural equipment and other industries.