Egypt and Russia finally sign contracts for USD 7 bn RIZ: Trade and Industry Minister Tarek Kabil signed the contracts to establish the USD 7 bn Russian Industrial Zone (RIZ) on Wednesday, according to a ministry statement. The long-awaited 50-year agreement will give Russian companies rights to develop a 5.25 mn sqm stretch of land in the Suez Canal Economic Zone, giving them a jumping off point to export to the rest of the region, the ministry said. First phase construction of the RIZ is expected to cost around USD 190 mn, according to Reuters. The signing took place on the sidelines of the Egyptian-Russian Economic Committee meetings.

Also from the meetings: Egypt will start trade talks in September with the Russia-led Eurasian Economic Union, Kabil said yesterday, Al Masry Al Youm reports. Kabil agreed with the union’s Trade Minister, Veronika Nikishina, to create a specific roadmap and timeline for the negotiations to speed up the process. The agreement between Egypt and the union — which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan — was in the final stages of drafting last August.