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Egypt has agreed to allocate 2 million metres of state land in East Port Said region to establish the Russian industrial zone, said head of the Suez Canal Economic Zone Authority on Monday.
Ahmed Darwish further announced that Egypt and Russia would sign memorandum of understanding on the launch of the long-awaited industrial zone on Tuesday, February 2, 2016.
Egyptian government is planning to offer new incentives to encourage Russian investors to take part in the Suez Canal economic zone projects, the Egyptian official added.
