Janssen and Riyadh Pharma sign partnership agreement

Updated 11 February 2015

Janssen and Riyadh Pharma sign partnership agreement

In culmination of the cooperation that followed signing of the memorandum of understanding (MoU) between Janssen and Riyadh Pharma, the Belgian Janssen Company, and the Medical and Cosmetic Products Company (Riyadh Pharma) have signed a partnership agreement in Saudi Arabia for five years.
Janssen was represented at the signing ceremony by Jan Van der Goten, general supervisor of Janssen for GCC countries, and Riyadh Pharma by Dr. Walid Amin Al-Kayali, CEO of the Medical and Cosmetic Products Company.
‏On the sidelines of the ceremony, Dr. Al-Kayali appreciated this agreement, noting that it aims to promote cooperation in the manufacturing and marketing of some pharmaceutical products of the Belgian Janssen Company in the Kingdom’s Riyadh Pharma factory.
"This will be reflected in consolidation of the Saudi-Belgian relations in all fields of science and economy, in addition to transfer and nationalization of pharmaceutical industries technology and support of self-sufficiency of pharmaceutical products, and upgrade the standard of national pharmaceutical industries," he said, confirming that this will serve the interest of the patient in principle, and will contribute toward making available medicine permanently.
According to him, it will also meet objectives related to the health conditions of medicine by avoiding the effects of transport and weather conditions that have negative impact on the product efficiency and vitality.
Van der Goten praised this agreement and expressed his confidence in Riyadh Pharma and its great capacities and experiences in the Kingdom that made it the first choice of Janssen to be partner in the Kingdom.
It is noteworthy that the Life Medical Company and Riyadh Pharma are among the largest pharmaceutical companies and factories in the Kingdom and both have been working on the fulfillment of medical and pharmaceutical needs of all hospitals and patients in the Kingdom through the pharmaceuticals outlets for over 40 years.
In addition, the two companies are committed to supply and security of medicines by manufacturing and import in accordance with scientific standards and international quality standards applicable in this respect. The two companies are keen on nationalization of pharmaceutical industry for the sake of medicine security in the Kingdom. In this context, Life Medical Company adopted a practical concept by adopting the opening of research course of Dr. Al-Kayali on pharmaceutical industries research.
The research constitutes the cornerstone of advanced researches in the field of pharmaceutical industries that will supply the local or international factories with advanced pharmaceutical formulas which, in turn, will contribute to the provision of research solutions and consultations to local factories and public control authorities in the process of production and removal of obstacles that they may face.
In this respect, Janssen Pharmaceutical Company is one of the largest pharmaceutical companies working in the GCC countries. It was established in 1948. Its head office is located in Riyadh and it employs more than 230 employees of 10 different nationalities.
Janssen Company established strong strategic partnerships with some local health care companies, including Life Medical Company and Riyadh Pharma. In addition, the company established long-term alliances with local medical organizations and associations to upgrade awareness of some diseases and upgrade the level of health care in the GCC countries.
‏Janssen Medical Company, an affiliate of Johnson and Johnson Company Group, is concerned with the study and knowledge of the highest needs of medicine for the diseases that spread at the time such as cancers, psychological and neurological diseases, immunity diseases, cardiac diseases and diabetes, and finding the best solutions for their treatment.

Egypt expects economic growth between 2.8 and 4% in 2021

Updated 29 November 2020

Egypt expects economic growth between 2.8 and 4% in 2021

  • Unemployment indicators also reflected the economy's development

CAIRO: Egyptian Finance Minister Mohamed Maait said the country was reaching positive growth rates, calling it a great achievement in light of the global conditions brought on by the coronavirus pandemic.

Maait said the estimated rate of economic growth in the fiscal year 2021-2022 would reach between 2.8 and 4 percent.

He said the percentage varied according to how each person perceived it sectorally, and that industries such as tourism and aviation were significantly affected by the spread of the disease.

“We have a priority to make room for the private sector’s participation in development projects,” the minister added.

He explained that there would be strengthened cooperation with the Transport Ministry in implementing its projects in partnership with the private sector.

Egypt had been hoping for growth between 6 and 6.5 percent before the coronavirus crisis broke out.

The country topped the emerging market economies in containing the rate of inflation during the current year, according to data from the Egyptian cabinet, despite the global repercussions of the health emergency.

The International Monetary Fund (IMF) said that Egypt achieved the largest annual decline in the inflation rate in emerging markets in 2020, compared to 2019, with a decline of 8.2 percentage points.

Among the effects of the economic reform plan were inflation rates falling to 5.7 percent during 2019-2020, compared to 13.9 percent in 2018-2019.

Unemployment indicators also reflected the economy's development. 

Recent data from the Egyptian Central Agency for Public Mobilization and Statistics showed the unemployment rate declining to 7.3 percent in the third quarter of this year, compared to 7.8 percent a year ago.

Egypt's monetary reserves rose to $39.22 billion by the end of last October, according to the country's central bank.

The IMF said the performance of the Egyptian economy exceeded expectations.