Cairo - Juma Mubarak Al Junaibi, UAE Ambassador to Egypt and Permanent Representative to the Arab League, has attended the launch of a new vaccine factory, Vacsera, a subsidiary of Egypt's Holding Company for Biological Products and Vaccines. Egypt's Minister of Health and Population, Ahmed Emad El-Din Rady, and Ashraf El-Sharkawy, Minister of Public Enterprise Sector, were also in attendance. During his speech at the launch, Al Junaibi said that this project is one of the most prominent UAE developmental projects in Egypt, with a cost of around US$4.911 billion. He added that recent years have witnessed marked developments in the level of UAE investments in Egypt, and the number of Emirati companies in the country is currently 880 while the value of investments has exceeded $6 billion. He also highlighted that the UAE has held the first position in the Arab World and internationally regarding foreign investments in Egypt. According to data issued by Egypt's General Authority for Investment, with the size of commercial exchange between the two countries in 2016 reaching $3.456 billion, compared to $2.597 billion in 2015, Al Junaibi continued. Ambassador Al Junaibi explained that Egypt has witnessed many recent developments, which are signs of future economic advancement and the realisation of its targeted level of development, leading to the rise in living conditions for Egyptian citizens, an increase in the country's operating ratios and the creation of real job opportunities. This is visible through the ongoing improvements in several overall economic performance indicators, including a noticeable increase in foreign investments and a renewed trust from investors, after the introduction of a new investment law that provides many incentives, privileges and guarantees to encourage investments in Egypt, he added. Dr. Al Din Rady valued the UAE's developmental assistance to his country's economy, adding that it has funded around 78 healthcare units in Egypt. Dr. Al Sharkawi praised the UAE's role in offering unlimited support to all sectors in his country, especially the health care field while highlighting the work of an ad hoc committee to develop and restructure all public business sector companies and factories. He added that Vacsera is an Egyptian shareholder company that manufactures serums and vaccines, providing a range of products for export and foreign currency to the country. He concluded his speech by highlighting the combined government coordination to make their projects succeed, and to provide for the needs of local citizens, especially in strategic industries such as the pharmaceutical sector.
