CAIRO: The Industry Development Agency in Arab Al-Awamer, Assiut, south of Egypt, has approved the creation of a new pharmaceuticals laboratory with an authorized capital of LE 150 million and a paid-in capital of LE 90 million.
Ali Hussein, general manager of investors’ services department at Assiut governorate, told NOOZZ on Monday that a land space of 80,000 square meters at the industrial zone in Arab Al-Awamer was allocated for construction of the new plant.
“The first phase of production will start early in 2007, he explained, adding that investors from the United Arab Emirates hold 45 percent of the new plant compared with the 55 percent stake of the Egyptian partners.
Production capacity of the laboratory will amount to 120 million packs of medicine a year, including treatment of chest tumors, coronary diseases and antibiotics.
Hussein added that the plant will sell 60 percent of its production in overseas markets and 40 percent in the domestic market. Meanwhile, the Ministry of Trade and Industry had earlier announced a target of $221 million for pharmaceuticals exports by 2008 compared with $141 million as of the end of 2005. Noozz
