Jamjoom Pharma announced launching a new factory in Egypt, during the signing ceremony of partnership agreements between Egypt and Saudi Arabia on Tuesday.
Mahmoud Youssef, Vice President of Jamjoom Pharma, said the opportunities for cooperation between Egypt and Saudi Arabia are very large, especially in the private sector, pointing out that Jamjoom Pharma has invested the equivalent of about EGP 1bn in Obour City.
He added that Egypt will be a regional centre for exporting the company’s products to Africa over the next three years.
Working in the field of industry in Saudi Arabia for more than 25 years, Jamjoom exports its products to about 30 different countries around the world, Youssef stated.
He told Daily News Egypt that the actual operation of the new factory in Egypt will take place during the next two months, after obtaining the operation licence from the Egyptian Medicines Authority, pointing out that the factory will start with three production lines.
On the company’s financing resources, Youssef revealed that the group relies on self-finance and does not resort to borrowing.
He mentioned that the group’s investments in Saudi Arabia in the field of medicine are estimated at about $1bn, pointing out that the company’s investment in Egypt will reach EGP 10bn within 10 years.
He added that the new factory aims to present 30 products in the first year and will increase to 70 products in the second year of operation, focusing on eye diseases, dermatology, and antibiotics.
Youssef pointed out that Jamjoom Group aims to be one of the top 10 companies in Egypt within four years, and that the factory’s target sales would be about EGP 1.5bn.
He indicated that the group’s market share in the Saudi Kingdom is about 5.3%, adding that 60% of the group’s production is consumed locally.
He pointed out that the most prominent countries to which the group exports are the Gulf countries, North Africa, and Iraq.
He pointed out that Egypt imports medicines worth EGP 400m from Jamjoom Group. Jamjoom’s exports are estimated at SAR 400m, which represents 25% of the group’s total revenue.