PHARMA-

Parkville Pharmaceuticals plans to start operations at its local factory before the end of August , Al Mal reported yesterday, citing company CEO Mahmoud Farrag. The Borg El Arab factory has been in the works since 2017 and cost some EGP 150 mn in total investment, Farrag said, adding that it will manufacture both Parkville’s own and third-party products. .

More where that came from: The pharma company plans to invest more than EGP 300 mn in the coming year to expand the factory and launch new products, including by setting up three new production lines for cosmetics and one for dietary supplements. Parkville will fund the investments through a combination of self-funding and debt, Farrag is quoted as telling Al Mal.

INFRASTRUCTURE-

Concord x Neom: Local engineering and contracting firm Concord and two Saudi companies will together work on an SAR 10 bn (c. USD 2.7 bn) project in Saudi’s futuristic mega city Neom, reports Al Mal, citing anonymous sources. Concord has also submitted tenders for five other projects in Neom, Riyadh, and Jeddah, the sources said.

REAL ESTATE-

Madinet Masr launches an R&D arm: The real estate developer has launched Madinet Masr Innovation Labs, which aims to build digital solutions for the real estate market, it said in a press release (pdf) yesterday.

It’s already innovating: Madinet Masr Innovation Labs simultaneously launched a new digital platform, Touba, which offers customers “innovative solutions for purchasing and investing in real estate without bank cheques.” Touba will first be made available to buyers at the developer’s new project Elan in Sarai.

REGULATION-

FinMin amends customs law: Some provisions of the customs law have been amended to facilitate customs release procedures under a decision issued by Finance Minister Mohamed Maait, according to a ministry statement. The modified procedures require customs declaration forms to be submitted electronically as soon as incoming goods are unloaded, and make ins. documents acceptable substitutes for bank guarantees. New measures have also been introduced to exempt oil companies from certain fines in order to stimulate exports, among other changes.

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