Ahram - The General Authority for the Economic Zone of the Suez Canal and the French-owned Saint-Gobain Egypt Glass Companies Alliance signed a framework agreement to build a flat glass factory in the industrial zone of Ain Sokhna, the cabinet said on Wednesday.

The agreement was inked by Mohamed Abdel-Gawad, the deputy chairman of the authority for investment and promotion affairs, and Ahmed Wafik, the CEO of the Saint-Gobain Egypt Group.

The signing ceremony was held in the attendance of Prime Minister Mostafa Madbouly and Walid Gamal El-Din, chairman of the authority.

According to the agreement, the Saint-Gobain Egypt Glass Companies Alliance, specializing in glass manufacturing, will build a 200,000-square-metre flat glass factory in the industrial zone of Ain Sokhna.

The plan involves foreign direct investments (FDIs) exceeding €160 million during the first five years of the project, in partnership with specialized French companies. 

The project aims to export more than 50 percent of the factory products to international markets. The deal is expected to generate many job opportunities.

This will be Saint-Gobain Egypt's third factory.