Arab Finance: Rowad Modern Engineering, a subsidiary of Elsewedy Electric (SWDY), has signed a new contract with Egyptian International Pharmaceutical Industries Company (EIPICO) (PHAR) for the construction of three factories at a value of EGP 418 million, according to a press release on September 20^th.

The three factories will be built in the 10^th of Ramadan City for the production of biosimilar and biological products.

The project will be carried out within a 13-month period starting from the date of signing the contract on a turnkey basis.

Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East, with a portfolio covering all traditional and renewable energy areas along with related services.

Founded in 1980, EIPICO is an Egypt-based public shareholding company that operates in the pharmaceutical industry. It is a manufacturer and exporter of pharmaceuticals and holds license agreements with a group of international.