Oman Business: MHD signs agreement to set up pharma factory in Oman – Gulf Digital News

Oman Business: MHD signs agreement to set up pharma factory in Oman – Gulf Digital News

Mohsin Haider Darwish (MHD), a leading business house in Oman, has signed an agreement with Ali Moosa Al Bulushi, National Bank of Oman (NBO) and Sohar Freezone to set up a pharmaceutical manufacturing facility.

Under the agreement, Penicillin General Integrated Industrial Company (Pen-G) will be jointly owned by MHD and Ali Moosa Al Bulushi and will establish a state-of-the-art fermentation plant for the manufacture of key pharmaceutical start-up material at the Sohar Freezone.

NBO will be participating as the primary bank through which the project is being financed.

The signing ceremony took place at the Pen-G Head Office in Ghala. Present at the signing ceremony were Ali Moosa Al Bulushi; Mohammed Abdullah Al Kharusi - Chief Executive Officer, MHD; Abdullah Zahran Al Hinai, Chief Executive Officer, National Bank of Oman; and Omar bin Mahmood Al Mahrizi, Chief Executive Officer of Sohar Freezone and Deputy Chief Executive Officer of Sohar Port.

Commenting on the project, Mohammed Al Kharusi said: “As of 2020, the global pharmaceutical industry generated revenues of $1.27 trillion, representing significant growth over the past two decades. Our objective with Pen-G is twofold. First, we would like to officially put Oman on the world map for raw materials for start-up medicine and enter