Company of producing drugs “Saidal”, signed a partnership agreement with “North Africa Holding Company” belonging to Kuwait Projects Company, and National Investment Council, for the the first time of its kind in the history of Algeria, that allows the public company and Algeria to broke into the anti-diseases industry and various tumors, through establishing a factory in Sidi Abdellah in Algiers.
Derkaoui Boumediene, President and General Manager of “Saidal” told Echorouk; “A strategic project will be realized during a period ranging between 18 to 24 months, which will give a new impetus for the Algerian pharmaceutical industry, which will give an impetus for the first time in its history, to access on of the most complex pharmaceutical areas, which were at a certain time monopolized by the major international and prestigious companies, which manufacture this type of complex medicines and treatment.
“Saidal” will go ahead for the establishment of strategic alliances with Arab and global groups that have the expertise and knowledge, in order to provide modern medicines with international standards from different therapeutic departments, taking advantage of the young local capacities, that are available to the companies’ and financial capacity to support the development of the national pharmaceutical industry.
“The initial cost of the joint project estimated initially at 25 million euros, as both the Algerian and Kuwaiti sides will possess on 49% of them, while 2% will belong to the National Fund for Investment.
The company, that will be constructed in Algiers, is expected to produce 17 varieties of Cancer drugs at different stages, after determining the final list in cooperation with the Scientific Council of the complex, which met in several sessions to select the list that the national market of antibiotics needs for the treatment of cancer, whether they are dry, liquid or injection varieties, in order to reduce the import bill, which is currently estimated to 2000 million dinars annually, to treat various types of cancers, that are found in more than 50.000 Algerians every year, as well as about 500.000 infected, who are currently suffering from this incurable disease.
The Vice President of North Africa Holding Company, Messaoud Hayat, said that the project will enhance the company’s investments in Algeria, which varied between the telecommunications, banks and financial institutions, pharmacy, and will expand over the coming months to insurance sectors and companies of capital for ris, leasing finance, construction and energy, according to the Finance Minister Karim Djoudi, in his intervention on the sidelines of the signing of a contract in Algiers, in the presence of the Minister of Industry and SMEs and Investment Promotion, Cherif Rahmani and the Minister of Health Abdelaziz Ziari.
The Kuwaiti official said; the base 49/51 which govern the foreign investment in Algeria, will not hinder the increase of Kuwaiti investments in Algeria, with a possibility to waiver for the conduct of projects of foreign partnership for up to five years or more, in case of an agreement to renew a privilege contract of conducting the project.