UAE-based Scope Investment and Exeed Industries have partnered with the Holding Company for Biological Preparations and Vaccines (VACSERA) to create a $9.8 million (EGP 300 million) investment joint venture for the establishment of a factory for auto-disable syringes in Egypt.
The venture aims to launch a joint shareholding company specialised in establishing, managing and operating auto-disable syringes and some other medical supplies.
The manufacturing plant is intended to be constructed on a total area of approximately 6,400 square meters with an annual manufacturing capacity of 150 to 240 million units. This factory will be in the VACSERA’s industrial complex on the 6th of October City. The plan will be finalised in the coming six months and expected production aims to commence by Q1 2024.
Egyptian companies have been known to have a competitive advantage in terms of quality, experience, labour prices and an overall supportive investment environment.
The objective is to cover the requirements of the Egyptian market which represented in the needs of the national basic vaccination program, as well as in the private sector. This will be in addition to opening the export markets for these important medical supplies in the Middle East and the African continent.
The signing of the agreement marks another milestone in the cooperation between the UAE and Egyptian companies.