Saudi Arabia's Batterjee plans to acquire a pharmaceutical company listed on the Egyptian Stock Exchange

The Saudi Batterjee Holding Group said today, Monday, November 20, 2023, that it is considering acquiring one of the pharmaceutical companies listed on the Egyptian Stock Exchange within 6 months.

For his part, Chairman of the Board of Directors, Mazen Batterjee, said that the group intends to invest $50 million in Egypt within two years in the medical and pharmaceutical sector, according to what was reported by Bloomberg.

Batterjee intends to establish a factory in Egypt

Batterjee also revealed that the Saudi group intends to establish a factory in Egypt specialized in manufacturing medical devices and incubators, with an initial investment of $5 million.

Batterjee Holding Company (formerly Batterjee Industries Group) was established in 1982 to be the industrial arm of the Batterjee Group of Companies. It produces medicines, child care products, personal health care, medical supplies and equipment, fabricated steel structures, building materials, household cleaners, food and beverages, clothing and footwear, and packaging products, according to its website.

Investments in Egypt

Bandar Al-Amiri, Chairman of the Saudi-Egyptian Business Council, announced on Sunday that the volume of Saudi private sector investments in Egypt reached $35 billion.

Egyptian Minister of Trade and Industry Ahmed Samir revealed on Monday that his country is in the final stages of signing an agreement to protect mutual investments with Saudi Arabia “soon.”

$10.3 billion

Saudi Arabia has deposits in the Central Bank of Egypt worth $10.3 billion, of which $5 billion are short-term deposits, and $5.3 billion are medium- and long-term deposits, according to the latest report issued by the Central Bank regarding the external situation of the Egyptian economy.

$500 million.. Al-Lami Holding Group investment in Egypt 

In related context, The Saudi Al-Lami Holding Group intends to invest $500 million in Egypt over the next two years in the tourism and real estate sectors, according to Mohamed Talaat Al-Lami, the group’s president.

The operating hotel capacity in Egypt is about 220,000 rooms, two-thirds of which are located in the Red Sea and South Sinai regions, while the rest is distributed in the regions of southern Egypt, Greater Cairo, and the northern coast of Egypt on the Mediterranean Sea.

The head of the group, which owns three hotels in Sharm El-Sheikh with a capacity of 2,000 rooms, also announce that it had obtained a real estate development license on an area of 85 acres in the Green Belt area in 6th of October City, west of Cairo.

Al-Lami revealed that a residential project and a commercial mall will be launched on this land with investments of $100 million, with construction work on the project starting during the first half of 2024.