MHD signs agreement to set up pharma factory in Oman

MHD signs agreement to set up pharma factory in Oman

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 this lucrative industry, and second, we would like to further our goal of establishing ourselves as a key contributor to Oman Vision 2040 and, by extension, to the government’s national diversification efforts.

“Furthermore, our location at the Sohar Freezone, right next to the largest industrial port in the country, provides us with ready access to global trade routes between Asia and Europe for both acquisition of raw materials as well as export