THE WHAT? Russia has appointed the Crystal Fund as the development institution for its planned industrial zone in Egypt, paving the way for investor recruitment and the next phase of the project, which includes cosmetics manufacturing among its target industries.
THE DETAILS The Crystal Fund will serve as the single point of contact for investors, developers and prospective tenants of the Russian Industrial Zone (RIZ), which is being developed within Egypt’s Suez Canal Economic Zone. The project will support manufacturing across a range of sectors, including pharmaceuticals, medical devices, chemicals, petrochemicals and cosmetics, alongside engineering, electronics and building materials. The 50-hectare site will have direct access to Ain Sokhna Port, with construction and infrastructure development planned between 2026 and 2029 ahead of operations commencing in 2030.
THE WHY? The development could create new manufacturing and export opportunities for cosmetics companies seeking production capacity and supply chain access across the Middle East, Africa and wider international markets through the strategically located Suez Canal Economic Zone.
Source: Interfax
