A Saudi-Egyptian partnership to launch a series of medical laboratories

The Saudi Egyptian Company for Medical Laboratories SELC plans to launch a chain of medical laboratories in the Kingdom of Saudi Arabia and the Arab Republic of Egypt, with investments amounting to 80 million riyals in Saudi Arabia and about 300 million pounds in Egypt.

Medical laboratories

  The company’s president, Mahmoud Lashin, the company’s president, said in an interview that the first branches of laboratories in Saudi Arabia will be on the ground during the coming September.

After that, expansions will begin to reach the target of about 30 branches throughout the Kingdom, provided that the implementation of the series of branches in Egypt will begin at the beginning of next year.

Lashin added that the company he established in partnership with King Abdulaziz University through the first vision medical company affiliated with the university aims to be the first in the field of providing medical laboratory services in the Kingdom.

Renewable energy

On related context, Egyptian Minister of International Cooperation Rania Al-Mashat discussed with officials of the Saudi company ACWA Power ways to increase its investments and build on the company's current investments in Egypt in the fields of water desalination and renewable energy.

The minister presented to the Saudi company the available investment opportunities, in light of Cairo's expansion in the strategy of attracting foreign investments, and increasing the percentage of renewable energy in the local energy mix.

Green hydrogen

The company's officials affirmed their endeavor to expand investment inside Egypt through the implementation of water desalination and renewable energy projects, as well as green hydrogen production projects, in a way that enhances the country's development efforts.

ACWA Power is working on the construction of a wind power plant in the Gulf of Suez with a capacity of 1,100 megawatts, as part of the projects being implemented within the framework of the energy axis of the “Novi” program.

The aim is to implement renewable energy stations with a capacity of 10 gigawatts to reduce harmful emissions and stimulate a just transition towards renewable energy in Egypt.

 Solar power plant

Saudi Arabia's ACWA Power has secured $114 million in financing to inaugurate the largest private sector solar power plant in Egypt, Kom Ombo, Aswan, with a capacity of 200 megawatts.

Last April, the company obtained new financing of $123 million within the framework of the same project from the European Bank for Reconstruction and Development, the OPEC Fund for International Development, the African Development Bank, the Sustainable Energy Fund for Africa of the African Development Bank, and the Green Climate Fund. The Arab Bank, and the Arab Petroleum Investments Company (APICORP).