In September 2024, at the 2024 China-Africa Cooperation Forum Summit, China Glass Investment Co., Ltd., an Egyptian subsidiary of China Glass Holdings Co., Ltd. and China-Egypt TEDA Suez Economic and Trade Cooperation Zone formally signed a contract on China-Glass Egypt In the land agreement for the new energy glass project, China Glass successfully acquired a piece of land located in the Northwest Special Economic Zone of the Gulf of Suez in Egypt for US$17,709,535.80. The total land area is approximately 491,931.55 square meters. It is reported that the land is located in the Northwest Special Economic Zone of the Gulf of Suez, Suez Province, Egypt, and can be used for medium and light industries and logistics. The land use right term of the land will expire on April 30, 2068. China Glass plans to build a new production base on the land, which includes a float glass production line, a photovoltaic rolled glass production line and its supporting deep processing lines.
The land is located in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in the Northwest Special Economic Zone of the Gulf of Suez in Egypt. It is the intersection of the "Silk Road Economic Belt" and the "Suez Canal Corridor Economic Belt". China and Bolivia can enjoy the benefits provided by Egypt's foreign investment policy here and benefit from the convenience and low cost of import and export transportation. In addition, China-Bolivia Egypt can make full use of its rich mineral resources and benefit from low energy and labor costs. After the completion of these production lines, China Glass Egypt is expected to become the glass manufacturing company with the largest production scale and the most complete product variety in Egypt. The Group will use the region's geographical and resource advantages to match market-competitive glass products and fill the glass supply and demand gap in local and surrounding markets in Egypt, thereby further contributing to the Group's overseas performance and promoting the optimization and upgrading of the Group's industrial structure. In recent years, China Glass Group has been adhering to the development strategy of "going global" and is committed to optimizing its industrial layout on a global scale. China Glass stated that the land acquisition is fully in line with the group's strategic development plan and will lay a solid foundation for the company's diversified product portfolio development in the fields of new glass, new materials and new energy. As global demand for renewable energy continues to grow, the photovoltaic industry has ushered in unprecedented development opportunities. As a core component of photovoltaic panels, the market demand for photovoltaic rolled glass has also shown a rapid growth trend. The Middle East and North Africa region is rich in lighting resources and is an ideal place to develop the photovoltaic industry. However, there is still a gap in the production of solar photovoltaic glass in the region, and market demand mainly depends on imports to meet. Therefore, China Glass's factory in Egypt to produce photovoltaic rolled glass marks the accelerated entry of Chinese photovoltaic equipment manufacturers into the Middle East market. It also fills the gap in the industrial chain of Chinese photovoltaic companies in the Middle East and North Africa. More importantly, it improves The industrial chain layout of Chinese photovoltaic companies in the Middle East and North Africa has laid a solid foundation for the improvement of the competitiveness of Chinese photovoltaic companies on a global scale.
