North Africa Holding sets up Algeria's first cancer medicine plant

The announcement was made in Algiers at a signing ceremony attended by Algerian government ministers, company representatives and other officials including the Kuwaiti ambassador to Algeria.

Under their partnership, Saidal and NorAH will each own 49% of the new company - Saidal NorAH Manufacturing. The remaining 2% of shares will be owned by the Algerian National Investment Fund (FNI). When fully operational, the new production plant will supply generic cancer medicines to the local Algerian market.

North Africa Holding (NorAH) has made a total of eight investments in the North African region since the company was founded in 2007. The new partnership with Saidal follows NorAH's successful acquisition of a controlling stake in one of Egypt's leading pharmaceutical companies in December 2010.

Commenting on the new partnership, Mr Masaud Hayat, KIPCO's CEO Banking and NorAH's Vice-Chairman, said: "We are very pleased to have played on our part in making this landmark investment happen. Our industry experience and investment track record will allow us to create value and share that success with our Algerian business partners. As the region's premier investment company, KIPCO has a wealth of expertise in this sector and we aim to bring that experience to our partnership."

Mr Hayat added: "This partnership is also a sign of KIPCO's long-term and socially responsible investment strategy. It is also a measure of our confidence in the Algerian economy and the country's excellent business environment. As a promising and fast-growing economy, Algeria is a country with huge potential and the ambitions to make deals like this possible."

Mr Emad Al-Saleh, Chief Executive Officer of NorAH, said: "This partnership with Saidal is the latest demonstration of NorAH's investment strategy. With an annual healthcare market worth $3.5bn and growing at 10% a year, Algeria is the second largest pharmaceutical market in Africa. When you include its developing healthcare system and favourable demographics, Algeria represents an outstanding investment opportunity for our company. With our experience in pharmaceutical manufacturing and Saidal's local market knowledge, our partnership with Saidal will allow us to create a very exciting venture."