Various major Russian firms plan to invest a total of $4.6 billion to develop an industrial park in Egypt near the Suez Canal, in 2035, Russian media reported. The news came through Russia’s ministry of trade.

Construction works for this park which will cover 2 million m², will commence in 2018. The park will be located east of the Saïd port.

According the Russian ministry of trade, the new park should lead to the creation of 77,000 jobs. As for companies that will establish themselves on the site, revenue projections amount to $11.6 billion. These firms should benefit from extremely flexible and incentive tax regulations.

Among companies concerned, majors such as KamAZ, UAZ, Transmashholding, Gazprom Neft, Tatneft, Inter RAO and many others operating in diverse sectors are expected.

The park’s location which is quite strategic (near the Suez Canal) should also help it serve as platform from which Russian firms will expand in African and Middle East.

Let’s recall that it was the Presidents of Russia and Egypt, Vladimir Poutine and Abdel Fattah Sisi, who agreed on the implementation of the project in 2014.

Also, it should be mentioned that in the framework of modernization works for the Suez Canal many other industrial parks should receive firms from other countries, like China or Italy.