Egyptian prime minister cabinet grants the golden license to “Gennvax Egypt” to establish and operate the largest scientific and regional R&D center and a facility to locally manufacture all kinds of vaccines and export them to the African continent from Egypt.
During today’s meeting, the Prime Minister approved the granting of the golden license to “Gennvax Egypt”, an Egyptian joint stock company. This license allows the company to establish and operate the first and largest pharmaceutical, vaccines, and medical serums factory. The factory will have a complete manufacturing cycle and will benefit from full technology transfer, ensuring it is designed to meet the highest global standards. Importantly, the necessary approvals from the International Health Organization for the export of WHO PQ vaccines will be obtained as part of the establishment process where a big part of the foreign direct investment will be allocated to maintain the WHO PQ accreditations and standard, it’s emphasized that the PQ should be an integral part of the facility establishment step by step. The project is done with investments amounting to $150 million and will be located on an area of approximately 49 thousand square meters in the new industrial economic zone of the Suez Canal.
Dr. Nibal Dahaba, shareholder & a member of the Board of Directors and General Manager of Gennecs holding company and Gennvax holding expressed her pride in the successful acquisition of the golden license for “Gennvax Egypt” to establish and operate a vaccine manufacturing plant. She stated that this significant milestone strongly aligns with the company’s strategy, which recognizes the vaccine industry as a vital sector with substantial contributions to the national economy. The establishment of the plant will enhance the company’s role in producing and innovating vaccines necessary for treating various diseases. Dr. Dahaba also mentioned that the project is anticipated to create between 500 and 700 job opportunities.
Mr. Adam Al-Daba, shareholder & CEO of Gennecs company and Gennvax Holding stated that the upcoming factory will become the largest of its kind in manufacturing all human vaccines, encompassing a complete production cycle that includes 19 different types of vaccines with full technology transfer. Notably, the factory will be equipped with advanced technology that positions it as a major hub for exporting medical vaccines to countries across Africa and globally. It has been built to meet the highest international standards, and to be eligible for “WHO” approvals, which will enable exports to all countries worldwide. Mr. Al- Daba further highlighted that a substantial portion of the project’s investments, approximately $60 million, has been allocated towards obtaining the necessary WHO PQ approvals for vaccine manufacturing, accreditation and export.
Dr. Dahaba provided insightful details on the impressive production capabilities of the new vaccine factory. According to her, the factory’s production capacity is set to reach an estimated 115 million doses per year on a single shift basis. However, this number can be easily doubled to 250 million doses, showcasing the factory’s potential for significant expansion. Moreover, the new facility will house a research & development center dedicated to the full R&D technologies and advanced biological research. Additionally, it will feature all the cold chain high tech supply chain that would cater the whole continent
. One of the features of the new factory is the strain bank customized to be specific to Africa, which will enable the facility to manufacture vaccines related to any African or regional pandemic promptly.
Dr. Dahaba also highlighted the significance of granting the golden license to Gennvax Egypt, emphasizing that it represents a crucial step towards the localization of an essential and strategic industry in Egypt. Golden license as per the presidential decree and strategy shall be granted to national & strategic projects with the below criteria:
•Contributes to increasing exports.
•Its financing depends on foreign funds transferred from abroad.
•The percentage of the local component of raw materials and production requirements in its products is no less than (50%).
•To be a national labor-intensive project.
•To be established in one of the areas in greatest need of development in accordance with decree No. 7 of 2020.
•Contributes to reducing the environmental impact, reducing heat and gas emissions, and improving the climate.
Aide in reducing imports.
This golden license is a major tool in attracting investors to work within Egypt’s borders, while also attracting foreign investments that can enhance the Egyptian economy and lead to an increase in the country’s domestic product, contributing to the desired economic development. Moreover, Gennvax project will be a new source of foreign currency and an export door, which will help to boost the Egyptian economy and promote the country’s international trade. This is expected to have a positive impact on the country’s economic growth and development, creating new opportunities for job creation and improving living standards.
Mr Adam also emphasized the company’s commitment to advancing the healthcare system in Egypt through its strategy to localize the industry and through the continuous medical education initiative Gennvax academy