Abu Dhabi Plans $150 million Biotech Plant
The Khaleej Times have reported plans for an $150 million investment into the setup and construction of a biotech plant in Abu Dhabi in the United Arab Emirates (UAE).
The formation of a new company, Emirates Biotech Pharmaceutical Factory, will establish and manage the operation, which intends to produce haemophilia A, crystal insulin, anti-cancers, growth factors and vaccines for the Middle East and African markets.
60% of the investment has been provided by private Emirati investors with an Egyptian company, Hebi Holding, providing the remaining 40%.
The construction of the facility is planned to be provided by two South Korean based companies, Hankook Korus Pharm and GL Rapha Corporation. The facility hopes to break ground in six months, with full commercial production tabled for 2012.
The biotech plant intends to employ 200 graduates sourced from local universities. Historically, biotechnology in the Middle East region has been held in the hands of pharmaceutical multi-nationals. This venture’s unique for the country where the biotech capabilities will be held locally and sold into the domestic region market.