Media reports international trade hub wanting Russia partnership
(MENAFN) Egypt’s Suez Canal Authority is looking to formalize a direct partnership with Russia, according to a report by RIA Novosti. While Moscow already collaborates with Egypt through a major industrial initiative in the Suez Canal Economic Zone, there is currently no agreement directly involving the canal itself.
Osama Rabie, head of the Suez Canal Authority, expressed hope for a partnership deal with Russia, noting that the existing cooperation is limited to the economic zone in eastern Port Said.
In 2018, Egypt and Russia signed a long-term agreement to create a Russian industrial zone within the Suez Canal Economic Zone. Spanning 5.25 million square meters, the project – known as ‘Sun City’ – is expected to take 13 years to develop and will give Russian businesses access to markets in Egypt, the Middle East, and Africa. Key sectors will include automotive, pharmaceuticals, oil and gas, mining, and nuclear technologies. The project is projected to attract $4.6 billion in investment and generate around 35,000 jobs, supported by favorable tax conditions.
In May, Egyptian and Russian officials met in Moscow for a bilateral commission on trade and economic cooperation, reaffirming their commitment to the joint industrial venture.
Egypt joined BRICS in 2024 alongside Ethiopia, the UAE, and Indonesia. BRICS—originally formed by Brazil, Russia, India, and China, with South Africa joining in 2010—now boasts a collective GDP surpassing that of the G7, according to Russian President Vladimir Putin.
The Suez Canal continues to be a key global trade route, handling 12–15% of all cargo, 30% of container shipments, 9% of maritime oil transport, and 8% of global LNG flows.
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