Back to the complete issue
Tuesday, 15 May 2018

Egypt’s FM suggests RIZ contracts will be signed next week

Egypt’s FM suggests RIZ contracts will be signed next week: Egypt and Russia are expected to sign the contracts for the Russian Industrial Zone during the Egyptian-Russian Economic Summit in Moscow, which will run from 21 to 24 May, Foreign Minister Sameh Shoukry said yesterday, according to a ministry statement. The 5.25 mn sqm zone will be built in the Suez Canal Economic Zone in three phases spanning 13 years, with work on the first phase set to begin this year. Talks to set up the RIZ had begun in 2014.

Russia could restore air travel to Egypt’s Red Sea resorts soon: The current level of security cooperation between Russia and Egypt is setting a “good foundation” for the restoration of direct flights to Egypt’s Red Sea resort towns, Russian Foreign Minister Sergey Lavrov said after meeting with Shoukry in Moscow, the Associated Press reports. Russia’s Deputy Prime Minister, Arkady Dvorkovich, had said in February that allowing flights from Russia to Sharm El Sheikh and Hurghada is still “impossible.”

Russia also “appreciates” Egypt’s refusal to send troops to Syria as part of an Arab military force that would cover America’s withdrawal after defeating Daesh, Lavrov told reporters, TASS says. The Russian minister also said that Cairo and Moscow’s ongoing cooperation is acting as a stabilizing force in the region, “where new hotbeds of tension are snowballing with already existing ones,” according to TASS. The two ministers discussed other regional issues, including the latest developments in Palestine and Israel, as well as anti-terrorism cooperation during their meeting.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.