Riyadh - Sharikat Mubasher: Egyptian pharmaceutical company Apex Pharma injected SAR 300 million to implement the first phase of its manufacturing facility in the Industrial Valley of King Abdullah Economic City in Saudi Arabia, as revealed by the company’s Chairman Magdy Elba.
This investment is part of the company’s plan to establish two state-of-the-art pharmaceutical facilities in Saudi Arabia and Egypt with investments worth SAR 486 million during 2024, Elba stated in an interview with Al Arabiya Business.
He added that the new facility in the Kingdom is expected to start operations by mid-2024 after obtaining the license from the Saudi Food and Drug Authority and finishing all necessary procedures.
The chairman noted that the first phase of the Saudi facility is built on an area of around 15,000 square meters and targets manufacturing a wide range of pharmaceutical supplies including tablets, capsules, and powders for the treatment of common diseases such as diabetes.
"This venture marks a significant milestone for Apex Pharma as it becomes the first Egyptian pharmaceutical company to establish a factory outside the country's borders," Elba added.
Moreover, Elba affirmed that Apex Pharma is committed to broadening its presence in the Egyptian market, despite all the challenges it faces including procuring raw materials and the high costs of production.
