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Wednesday, 24 October 2018

Russian flights to Red Sea could resume by year’s end; House Economics Committee approves Russian Industrial Zone contracts

Could Russian flights to Red Sea resume before year’s end? Egypt’s Ambassador to Moscow Ihab Nasr said that is hoping to see Russian airliners resume flights to Hurghada and Sharm El Sheikh before the end of 2018. He told TASS that while there is no official timeline or schedule, authorities on both sides are “working hard” to bring flights back soon under orders from President Abdel Fattah El Sisi and his Russian counterpart. The two leaders had agreed earlier this month that flights should resume “in the nearest time.” A Russian aviation security delegation will reportedly be in town this week to inspect safety measures at the Sharm El Sheikh and Hurghada international airports. Flights have been grounded since the 2015 Metrojet crash.

House Economics Committee approves RIZ contracts: The House of Representatives Economics Committee signed off yesterday on Egypt’s contracts with Russia for the establishment of the Russian Industrial Zone (RIZ) in the Suez Canal area, Al Shorouk reports. The two countries had signed the contracts for the zone back in May, which give Russian companies rights to develop a 5.25 mn sqm stretch of land in the Suez Canal Economic Zone. The first phase of construction is expected to cost c. USD 190 mn.

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