Egyptian prime minister cabinet grants the golden license to Gennvax 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.