File Photo: A pharmacy employee reaches out to grab a box of medicine in a pharmacy, Cairo, Egypt. AFP
While Batterjee didn’t disclose the specific name of the target company, he stressed the group's commitment to invest more than $50 million in the Egyptian pharmaceutical market over the next two years.
This move is set to bolster the group's presence in the region and capitalize on Egypt's flourishing healthcare sector, he added during an interview with Asharq Business.
In addition to the acquisition plans, Batterjee Group also revealed its intention to inject initial investments amounting to $5 million to establish a state-of-the-art manufacturing facility in Egypt.
The facility will specialize in the production of medical equipment and incubators, he noted.
"We see tremendous potential in the Egyptian pharmaceutical market. Our investments aim to enhance the local healthcare infrastructure and contribute to the development of the sector," Batterjee stated.
Parallel to Batterjee's announcement, the Saudi Al-Lami Holding Group revealed its plans to invest $500 million in Egypt over the next two years, concentrated in the tourism and real estate sectors.
The visit of the Saudi delegation, led by Trade Minister Majid Al-Qasabi, also saw discussions on further strengthening economic relations between the two countries.
Egypt's Trade Minister Ahmed Samir highlighted the imminent signing of an agreement to protect bilateral investments with Saudi Arabia.
This agreement aims to reduce requirements for investments and guarantee investments during times of conflict, revolution, emergencies, or unrest.
Samir further noted that the trade exchange between the two countries surged 23 percent to $5.655 billion in 2022 from $4.572 billion in 2021.
Al-Qasabi pointed out that private Saudi investments in Egypt amount to $35 billion, and that Egypt is the kingdom's top trade partner in Africa.
On the other hand, Egyptian investments in Saudi Arabia have reached $1.6 billion, primarily in the manufacturing, retail, and construction sectors.
In an effort to enhance bilateral trade, Yehia El-Watheq Bellah, head of the Egyptian Commercial Service (ECS), revealed that both countries are considering the use of local currencies for bilateral trade.
Saudi Arabia's substantial deposits in the Central Bank of Egypt (CBE), amounting to $10.3 billion, underscore its confidence and long-term commitment to Egypt.
The deposits consist of $5 billion in short-term deposits and $5.3 billion in medium- and long-term deposits, according to the bank's latest report.
Investments by the Batterjee Group align with Egypt's broader objective of attracting foreign investments, particularly from Gulf countries, to bolster its dwindling US dollar reserves and stimulate economic growth.