PHARMA-

A new pharma player could enter the market: Saudi pharma manufacturer AvalonPharma wants to build a factory in Egypt as part of a bigger plan to invest around EGP 1 bn in the country over the coming year, Al Mal reports, citing sources it says are familiar with the matter. The company is yet to decide if it will establish the factory on its own or in partnership with an Egyptian or foreign investor.

The beginning of a wider expansion plan: Egypt is one of a number of new target marketsthe company is looking to enter, which include Morocco, Indonesia, and Malaysia, according to a press release. The company is currently present in the GCC, Iraq, and Jordan.

MINING-

Lotus Gold will dig for more gold: Canadian miner Lotus Gold has inked a mining agreement for three blocks in Egypt’s Eastern Desert, where it plans to invest USD 2.5 mn, the Oil Ministry said on Sunday. The company was awarded the 525 sq-km concessions last year as part of a 2020 bid. The first round of the bid saw Lotus being awarded concessions for seven other blocks, which were handed to it in 2021 after their mining agreement was signed.

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