Arab Finance: The Suez Canal Economic Zone (SCZone) is set to establish a dedicated pharmaceutical industrial zone covering 4 million square meters (sqm), SCZone's Head Waleid Gamal El-Dien announced during his participation in the fourth edition of the PharmaRegAfriSummit.

This marks a strategic move designed to enhance local production of pharmaceutical products and attract both domestic and international investment.

Gamal El-Dien confirmed the zone's commitment to localizing the pharmaceutical industry, including the production of active ingredients and medical devices.

The SCZone has already seen successful ventures in this sector, such as the Ateco Pharma factory in Sokhna, which focuses on manufacturing intravenous injection drugs and occupies 20,000 sqm with an investment of approximately EGP 1 billion.

Another notable project is the Gennvax Egypt factory, specializing in biological vaccines and serums, covering 49,000 sqm with a total investment of $150 million.

Additionally, the IDI factory, located in the East Port Said industrial zone, produces various pharmaceutical preparations, including capsules, tablets, creams, and more.

The SCZone is also finalizing contracts for the Egyptian International Pharmaceutical Industries' (EIPICO) ARAB API factory, which will manufacture active ingredients on a site of 85,000 sqm with a total investment of $165 million.