PHARMA-

Egypt’s Pharco Pharma and Saudi-based Ajlan & Bros Holding will break ground on a USD 150 mn meds manufacturing complex in the Saudi city of Medina in June, Pharco Chairman Sherine Helmy was quoted as telling Asharq Business. Arab Contractors will carry out contracting and construction work on the project. The complex was among 14 agreements worth a total USD 7.7 bn that Saudi Arabia signed with local firms last summer. Production is set to begin by 2024, Helmy said at the time.

One step towards cheaper insulin: Local meds firm Eva Pharma and US-based multinational Lilly have finished working on their insulin production plant, CEO Riad Armanious said during a presser yesterday. The plan will have a production capacity of an annual 90 mn vials and 50 mn syringes, targeting some 1 mn people on low and middle incomes a year. The two sides inked an agreement last year under which Lilly will supply Eva Phamra with the active ingredient used to make insulin at a reduced price, as well as transfering tech to help Eva Pharma manufacture the diabetes meds.

INVESTMENT-

Fresh Turkish investment in our leather industry? Turkish leather maker Iskefe Holding is considering investing USD 40 mn to build a leather factory and another USD 6 mn to revamp three existing facilities in Roubiki Leather City, company reps said in a meeting with Trade and Industry Minister Ahmed Samir, according to a ministry statement. The products would be sold domestically and for export, according to the statement.

About Iskefe: The company operates four leather factories and two gelatin factories in Turkey and holds a 40% share of the domestic market, per the statement.

Remember: A number of Turkish companies recently met with Prime Minister Moustafa Madbouly to discuss plans that could see them invest a combined USD 500 mn in Egypt.

ENERGY-

#1- Dana Gas plans to drill 11 new wells in its Egyptian concessions this year, potentially giving it access to another 80 bn cubic feet of gas, Asharq Business reports, citing company IR head Mohammed Mubaideen. The company earlier this year said it wants to invest USD 100 mn in Egypt’s oil and gas sector over the next two years, after negotiating “a new set of terms” with state-owned EGAS that will allow it to make the investments and extend the life of its local gas fields by another two-three years.

#2- OIH could be tapping into Uzbekistan’s renewables: Orascom Investment Holding (OIH) is exploring investments in Uzbekistan’s renewables and hospitality sectors, OIH CEO Marwan Hussein told Enterprise Climate on Tuesday. The potential investments are part of a USD 1.2 bn investment plan discussed by OIH Chairman Naguib Sawiris during a meeting on Monday with Uzbekistan President Shavkat Mirziyoyev to “implement large investment projects” in the Central Asian country, according to a statement released by the Uzbekistani presidency.

**Read the full story in this morning’s edition of Enterprise Climate.

LOGISTICS-

Minerva Bunkering has become the first international ship-fueling firm to operate in Egypt: Mercuria Energy Group subsidiary Minerva Bunkering has begun ship fuel deliveries in Egypt, Bloomberg reports.

**Read the full story in this morning’s edition of Enterprise Logistics.

MANUFACTURING-

ICON secures Neom contract: A subsidiary of Industrial Engineering for Construction and Development (ICON) has secured a SAR 105.6 mn contract for the production and delivery of prefabricated buildings for the Saudi mega city Neom project, it disclosed in a disclosure (pdf) to the EGX last week.

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