Acdima to set up USD 165 mn factory in SCZone: The Suez Canal Economic Zone (SCZone) board on Thursday greenlit a decision allowing the Arab Company for Drug Industries and Medical Appliances(Acdima) to set up a USD 165 mn factory for the production of 28 active substances used in the pharma industry, according to an SC Zone stateme nt

In detail: The first phase of the project, worth some USD 101 mn, will see Acdima set up production lines for 21 pharma raw materials and is set to start operations in 2026. The second, USD 64-mn phase of the project for the remaining seven inputs is scheduled to come online in 2030.

A first for SCZone Istithmar: The factory will operate in partnership with SCZone’s joint-stock investment company — dubbed SCZone Istithmar — marking the company’s first endeavor. The company was set up in August with the aim of planning and managing the authority’s current and future investments, as well as helping establish industrial development and utilities companies that serve the SCZone in partnership with private investors.

ANOTHER RECORD YEAR FOR SCZONE-

SCZone revenues hit new record: Revenues from the SCZone recorded nearly EGP 6.1 bn in FY 2022-2023, the highest recorded level in the zone’s history. Revenues rose 78% y-o-y from EGP 3.49 in the previous fiscal year.

ALSO FROM THE SCZONE BOARD-

Next stops for the SCZone roadshow 2.0: The SCZone will carry out a promotional campaign targeting global investments, with a focus on the Brics countries, Gulf countries, European nations, and the US. The SCZone’s roadshow has recently visited countries including India, China, Japan, the Netherlands, and Vietnam and has plans to go to South Korea, Germany, the UK, Vietnam, Singapore, and Brazil before the end of the year.

OCI HyFuels receives temp permit: OCI subsidiary OCI Hyfuels received a six-month renewable license to roll out green methanol bunkering services at the East and West Port Said ports, according to the statement. OCI refueled the world’s first green-methanol powered container ship, chartered by Maersk earlier this year. We have more news on Maersk’s plans for green fuels in Egypt in this morning’s newswell.

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