UAE-based Julphar Pharmaceuticals plans to establish a pharmaceutical plant in Egypt at EGP 1.2 billion (AED 250 million) in investment, company CEO Saud Musabeh said.
Spanning an area of 10,000 square metres, the plant will be located in Badr Industrial City, Alborsa newspaper reported, citing Musabbah as saying.
Julphar’s investments in the North African nation will be subject to the quickness of completing registration procedures at the health ministry, the CEO added.
The plant will produce drugs of insulin, antibiotics, and high blood pressure.
The UAE International Investors Council has recently recommended making Egypt the GCC nation’s investment destination in 2018.
Non-oil trade exchange between Egypt and the UAE amounted to $3.6 billion during the first nine months of 2017.
By the end of 2017, the UAE’s investments in the Arab world’s most populous country jumped to more than AED 40 billion, UAE International Investors Council’s secretary-general Jamal Al Jarwan said.