Kuwaiti investors to set-up joint anti-cancer drugs company in Algeria

The Kuwait-based North Africa Holding Company (NorAH) signed here Sunday an agreement with Saidal Group to set a joint venture for producing anti-cancer drugs. "The project will cost 25 million euros and take 18 to 24 months to start operation," Boumediene Derkaoui CEO of Saidal Group said in statements on the sidelines of the signing ceremony. He added that the project will cut the bill of anti-cancer drugs imports as it will produce 17 kinds all imported from abroad. Saidal Group and NorAH will have 49 percent-stake each of the project and the remaining two percent will be owned by the National Fund for Investment. For his part, CEO of NorAH Emad Anwar Al-Saleh said the agreement boosts Kuwaiti-Algerian economic cooperation and gives impetus to the bilateral relations between the two Arab nations. The signing ceremony was attended by several Algerian ministers and senior officials along with NorAH employees and Kuwait's Ambassador to Algeria Saud Faisal Al-Duwaish.