alaraby.co.uk 26 Nov, 2016
Construction is set to get underway on a Russian industrial port in the Suez Canal following a deal reportedly agreed with Egypt. An 80 hectare area has been allocated in Moscow Port, that could later be expanded to an industrial zone of some 2,000 hectares (20 sq. km). Construction is set to start in 2017. The new industrial zone will provide, with $4.6 billion expected to be invested in the construction of the area by 2035. Russian firms are set to design and construct the facility and will be allocated tax breaks. Russia announced plans to expand its naval base in the Syrian Mediterranean coastal city of Tartous, in addition to plans to construct a permanent air force base in the area. Cairo is currently in the midst of modernising the Suez Canal with plans to develop additional Chinese, and Italian industrial parks previously on the table.