Egypt gears up to host Barcelona Convention COP24 on Mediterranean Pollution in December    Egypt to host 3rd Global Conference on Population, Health and Human Development in November    Egypt to host inaugural AI Everything Middle East & Africa Summit in February 2026    Norway's wealth fund investments in Israel dominate election, could decide government    Egypt's military production, petroleum ministries drive projects to boost citizens' economic gains    Egypt implements EGP 12.7bn water, wastewater projects in Northwest Coast in 2024    Egypt backs UN plan for Libyan elections within 12-18 months    South Korea's Lee in Japan for talks ahead of crucial Trump meeting    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SCZone agreed with pharmaceutical companies on investing in Medical City
We started preparing a general plan of the city in cooperation with a Spanish development company which is scheduled to be completed in June, says Abdul Shafi

Samir Abdul Shafi, the economic adviser of the General Authority for the Suez Canal Economic Zone (SCZone), revealed the SCZone agreed with US companies Pfizer and Johnson & Johnson, Swiss company La Roche, and French company Sanofi to invest in the Medical City that will be established by the Suez Canal.
Abdul Shafi said during the first investment conference in the health sector on Saturday that the SCZone has allocated 4m square metres in Ain Sokhna to establish a medical city in cooperation with a number of foreign companies and the ministries of military production and health, along with the armed forces.
"We started to prepare the general plan of the Medical City in cooperation with a Spanish development company that is scheduled to be completed in June, and we have an alternative plan for the implementation of the project with Emirati and Egyptian finances in case the first plan failed. The SCZone is determined to implement this project under any circumstances," Abdul Shafi said.
Abdul Shafi said that the Medical City will be allocated for the implementation of the pharmaceutical projects and medical equipment and supplies, and it will be the largest of its kind in the Middle East and Africa.
The SCZone agreed with the Ministry of Health on the establishment of a specialised department for the registration of new drugs in the medical city to facilitate the registration procedures, especially as a number of investors willing to invest in the city objected to the registration mechanisms in place.
Abdul Shafi explained the investment advantages in the SCZone and said that it has contracted with McKinsey Consulting Company to prepare comparative studies between the SCZone and the other authorities in the region, such as Jabal Ali, and to identify points of attraction and strength in the region. Studies have shown that Egypt is the best in everything except for taxes, as it is distinguished by its cheap fees for electricity, gas, water, and customs duties.
He added that the SCZone will hold continuous meetings with the deputy minister of finance for tax policies, Amr El-Monayer, to approve granting incentives to the medical city projects, including a deduction of 40% of the investment costs during the first seven years of the project.
The SCZone is planning to establish an integrated economic hospital in the zone to serve the workers in the Medical City and the surrounding cities during the coming period.


Clic here to read the story from its source.