The Suez Canal Economic Zone (SCzone) signed a framework agreement with Saint-Gobain Glass Egypt to establish a flat glass factory in Ain Sokhna with investments exceeding €160 million, according to a statement released by the Cabinet.

The project targets exporting more than 50% of the project’s products to global markets, in partnership with French Firms.

The signing ceremony was in the presence of Prime Minister, Mostafa Madbouly.

Saint-Gobain is set to expand its operations with the construction of a new plant, adding to its existing portfolio of facilities.

The upcoming plant will be the company's third venture, joining its expansive 190,000 square meter glass factory and a dedicated mirror factory spanning 10,000 square meters.

Recently, SCZone reported that Saint-Gobain, initiated the establishment of this third glass factory in Egypt's Al-Ain Al-Sokhna Industrial Zone in in Suez Canal Economic Zone (SCZONE), located northwest of the Gulf of Suez.

The primary objective of the power plant is to reduce approximately 6,000 tons of carbon emissions, as stated by SCZONE.

Earlier, Chairman of SCZone, Walid Gamal El-Din, announced that the total number of contracts in the SCZone amounted to 127 projects, with an investment of about $2.8 billion, during the period from July 2023 to March 21, 2024.

Out of these projects, 61 successfully obtained final approvals, with foreign investments amounting to 49%. While, initial approvals were granted to 66 projects, with a foreign investment rate of 39%.