Eight companies sign MOUs to invest in Russian Industrial Zone in Suez Canal

INVESTMENT WATCH- Eight companies sign MoUs to invest in SCZone’s Russian Industrial Zone: Eight Russian companies signed yesterday MoUs with the Russian Exports Center to invest in the planned USD 7 bn Russian Industrial Zone (RIZ) in the Suez Canal Economic Zone, according to an SCZone statement. The companies signing the MOUs included solar energy developer Hevel Solar, fertilizer manufacturer Schelkovo Agrohim, metallurgy company Metprom — which plans to build a steel factory — agricultural engineering company Agroidea, and Eco Technical Center, which produces fertilizers from waste and operates in land reclamation. An Egyptian-Russian company will be set up in April to operate and manage the planned RIZ, which spans 5.25 sqkm and will be implemented over three phases in 13 years.