Joint venture agreement signed between Egypt and UAE companies

 

Published: Thu 30 Mar 2023, 3:30 PM

In March 2023, in the presence of Egypt’s Prime Minister, Prof Dr Moustafa Madbouly, Scope Investment, the UAE based investment group, Exeed Industries, a subsidiary of National Holding, and VACSERA, the holding company for biological products and vaccines in Egypt, signed a joint venture for the establishment of a factory for auto-disable syringes in Egypt with approximate investment of 300 million Egyptian pounds.

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The agreement was signed by Dr Heba Waly, the executive managing director of VACSERA, Fareed Bilbeisi, CEO of Scope Investment, and Dr Saeed Aldayeh - authorised representative of Exeed Industries - and the ceremony was attended by Dr Khaled Abdel Ghaffar, Egypt’s minister of health and population.


The manufacturing plant is intended to be constructed on a total area of approximately 6,400 square metres with an annual manufacturing capacity of 150 to 240 million units. This factory will be located 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.

Bilbeisi said: "This agreement comes within Scope Investment’s healthcare strategy in expanding and building strong partnerships in all aspects of the healthcare sector. With the unparalleled combined experience that this partnership brings together, I am confident about the positive impact this agreement will have. This project is yet another step in our expansion in the healthcare sector. We at Scope Investment aim, with this project, to provide high-quality products and services which are accessible at competitive prices to the population of Egypt and the Sub – Saharan African region."


The holding company for biological preparations and vaccines (VACSERA) is the leading manufacturer of serums, vaccines and biological preparations in the Arab Republic of Egypt, the Middle East, and the African continent. It also has over 100 years of experience in this field. This project aims to launch a joint shareholding company specialised in establishing, managing, and operating auto-disable syringes and some other medical supplies. The objective is to cover the requirements of the Egyptian market, which represented in the needs of the national basic vaccination programme, 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.

Egyptian companies have been known to have a competitive advantage in terms of quality, experience, labour prices, and an overall supportive investment environment.

The arrangement further guarantees crucial medical supplies to the markets of Egypt, Africa, and Asia, thereby enhancing the contributions and footprint of the UAE-based companies in the region. The signing of this agreement also marks another milestone in the cooperation between the UAE and Egyptian companies.

Scope Investment and National Holding Company have taken a significant step towards expanding their investments in the region with the signing of this new agreement.

Scope Investment is a leading private investment group based in the UAE. Headquartered in Abu Dhabi, the group is credited with niche projects built on the principle of sustainable, long-term value creation. Through a wide range of financial and investment strategies, it caters to markets including GCC, Asia, and Africa to deliver both performance and impact. With deep sector knowledge and expertise, Scope Investment has adopted a stable and reliable approach to develop a substantial and diversified portfolio across healthcare, real estate, retail, automotive, and ICT (information, communication and technology), covering direct and passive investments, and public equities. The group has a pipeline of projects in key growth sectors to continue to build competencies in specialised fields.

Exeed Industries is an industrial group of companies belonging to National Holding with core businesses in construction, engineering, building materials and consumer goods. As an established brand in the industries it operates, Exeed Industries is focused in designing and engineering of innovative solutions, state-of-the-art technology, profound technical know-how and the ability to deliver superior quality products and services on B2B and B2C basis.


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