A number of Russian companies plan to invest USD 4.6 bn to build an industrial zone by the Suez Canal by 2035, RT reported. “Russian companies Kamaz, GAZ, UAZ, Transmashholding, Gazprom Neft, Tatneft, Inter RAO and others will be part of the new industrial hub.” Russia’s Trade Ministry the investments are expected to create 77k jobs and generate revenues of USD 11.6 bn. RT says Russia has selected a 2 mn sqm land plot in East Port Said to establish an industrial park, with work expected to begin in 2018. It also says Egypt will provide Russian investors with more incentives, including a tax-friendly regime of 10% income tax and no sales tax.

…On resuming flights: Egypt has fulfilled 85% of Russia’s security and aviation safety demands, House of Representatives Speaker Ali Abdel Aal said at a meeting with speaker of Russia’s upper house of parliament, Valentina Matvienko. Abdel Aal said now Egypt is expecting a response from the Russian side, according to Sputnik. Russian lawmaker Sergei Gavrilov had said on Tuesday that Abdel Aal reported that Egypt has thus far complied with 75% of Russia’s security recommendations.