Egypt’s pharmaceutical industry is rocking!
Egypt’s Minister of Health and Population Hala Zayed announced yesterday that Egypt will join the agreement to establish the African Medicines Agency (AMA), to localise the manufacture of medicines and vaccines across Africa. This agreement will encourage African governments to increase investment in the field of drug manufacturing. Noting Egypt’s pivotal role as the largest African country in the manufacture of medicines and vaccines, stressing the importance of concerted efforts of different African countries in the localisation of the pharmaceutical industry. We believe AMA will be a major bonus for the continent that seeks to achieve sufficiency in medicines and vaccines in Africa, and transfer manufacturing technology between countries.
- Moving to Egypt energy sector, the Red Sea National Company for Refining and Petrochemicals signed a USD 7.5 bn engineering contract for licensing Red Sea Petrochemicals Complex with France's Exness Company, a French firm.
This project aims to produce high-quality petrochemical products to meet the local demand and export the surplus. It is noted that the Egyptian government is giving great importance to the petrochemical industry as one of the most important strategic industries on which many complementary industries are based in the country in order to meet the growing needs of petrochemical products in different fields. In addition, it has a direct impact on supporting the national economy.
- Moving to Egypt financial sector, first, CI Capital Holding for Financial Investments has approved, in principle, the non-compulsory purchase offer submitted by Banque Misr to acquire 98.1% of the shares of CI Consumer Finance - Suhoola, a subsidiary of CI.
The company's activity is concentrated in the areas of financial leasing, microfinance, and investment banking services, and the company has 60 branches nationwide. CI Capital Holding achieved profits of EGP 3.28 mn in Q1-2021 compared to profits of EGP 101.86 mn in Q1-2020.
- Second, Commercial International Bank (CIB) profits boost the stock market’s gains in the middle of Tuesday’s trading by 2.15%, supported by the purchases of Arab and foreign investors on the shares of the CIB.
The bank announced that it achieved consolidated net profits of EGP 6.09 bn in H1-2021, with a growth rate of 22%, compared to the same period of 2020.
- Third, the African Export-Import Bank (Afreximbank) and Banque du Caire (BDC) signed an agreement formalizing Afreximbank’s USD 200 mn Intra-African Investment Finance Facility to support BDC’s expansion across Africa.
The facility is designed to finance Banque du Caire’s investments in new branches and subsidiaries while promoting Egyptian trade with the rest of the continent. Moreover, Afreximbank will loan a total of USD 600 mn to United Bank to finance small and medium enterprises (SMEs) and to support trade finance.
- Equally important, the board of directors of Middle East Glass Manufacturing Co approved a decision to sell its entire stake in Medco Plast for Packing and Packaging Systems.
The company plans to sell 772,200 shares, representing 15.6% of Medco Plast's capital, to Indorama Netherlands B.V. During Q1202-1, Middle East Glass Manufacturing Co reported consolidated net profits of EGP 69.15 mn, up from EGP 31.07 mn in Q1-2020, including minority shareholders’ rights.
- Not to mention, the golden year of Egypt’s mining sector, Mohamed Zaher, head of the Zaher Group, the local partner of the Canadian company B2 Gold in Egypt, expecting a brilliant future in the field of gold detection in Egypt.
It is worth mentioning that the companies' approach to Egypt comes in light of the comparative and competitive advantage that Egypt possesses in the field of gold and mineral wealth. We believe that the Egyptian state's efforts in these elements encourage a brilliant future in the field of gold and mineral wealth detection, which means the existence of more than one gold mine in addition to the resulting base minerals.
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