Waleid Gamal El-Dien, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), laid the foundation stone for GENNVAX factory, set to be Egypt’s biggest integrated vaccine manufacturing hub, according to a statement.

The factory will be built on a 50,000-square-meter plot in the Ain Sokhna Industrial Zone, with total investments of $150 million.

The project has been awarded the gold license in recognition of its strategic importance.

On his part, Gamal El-Din noted that the factory will operate as per the highest international standards, producing 29 vaccines and serums to meet the local market's demand. This is in addition to exporting to regional markets.

The project falls within the SCZONE’s plan to localize industries and technologies, aiming to reduce the import bill for vital products and enhance national health security, he added.

Over the past three and a half years, SCZONE attracted investments amounting to $13 billion across 380 diverse projects in the industrial, logistic, and maritime sectors, the chairman said.

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