Russia’s CMM to set up crane factory in Russian Industrial Zone

Russian crane building company SMM has signed an agreement with Egypt to set up a crane factory in the Russian Industrial Zone (RIZ) in cooperation with the Russian Export Center, the Suez Canal Economic Zone Authority (SCEZ) said in a statement. A delegation from the Russian company will visit the SCEZ in March to work out logistics. Eight Russian companies signed last week MoUs with the Russian Exports Center to invest in the planned USD 7 bn RIZ. An Egyptian-Russian company will be set up in April to operate and manage the planned RIZ, which spans 5.25 sq-km and will be implemented over three phases over 13 years.