APEX Pharma to Build EGP 4 Bln in Factories in Egypt, Saudi Arabia Next YearSource: www.export-egypt.com 12/17/2023, Location: Africa |
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Egyptian pharmaceutical company APEX Pharma has announced plans to pump EGP 4 billion ($130 million) in investments to establish two state-of-the-art pharmaceutical factories in Egypt and Saudi Arabia in the coming year, Chairman Magdy Elba said.
Elba added that the plan involves constructing a new factory in Egypt with an initial investment of over EGP 1 billion, which is projected to reach between EGP 2 billion and EGP 3 billion within three years. APEX Pharma is currently focusing on implementing the first phase of its new factory in the Industrial Valley of King Abdullah Economic City in Saudi Arabia, with investments totalling SAR 300 million (EGP 2.5 billion), the chairman stated during an interview with AlArabiya Business. "APEX's goal currently is to complete all necessary procedures and have the Saudi factory operational by mid-2024, although the process has encountered delays attributed to the COVID-19 pandemic," he noted. The final date for the factory's operation will be determined once the company obtains a license from the Saudi Food and Drug Authority, Elba indicated. He further mentioned that the primary objective of the Saudi factory's initial phase is to produce a wide range of pharmaceutical supplies, including tablets, capsules, and powders for the treatment of common diseases such as diabetes. "This venture marks a significant milestone for APEX Pharma as it becomes the first Egyptian pharmaceutical company to establish a factory outside the country's borders," Elba said. Per PEX Pharma's statement, the company's expansion plan will pave the way to penetration of the Arab Gulf markets, particularly Kuwait, the UAE, Oman, Qatar, and Iraq. In 2018, APEX Pharma signed an agreement to establish a pharmaceutical factory in Saudi Arabia, encompassing an area of 50,000 square meters, with an estimated first-phase area of 15,000 square meters. Elba emphasized APEX Pharma's commitment to expanding its presence in the Egyptian market, despite the challenges it faces, such as difficulties in procuring raw materials and the high costs of production. Egypt's pharmaceutical market ranked first in the Middle East and North Africa (MENA) region in 2023, with a market value of $56.6 billion, according to Informa Markets. The pharmaceutical and medical exports sector in Egypt is predicted to experience growth, with exports projected to reach $5 billion by 2030, an increase from $964 million in 2022, as shown in a study by study by the Egyptian Senate. |
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