Algorithm to build new pharmaceutical factory
Lebanese medicine manufacturer to build $12 million plant, double its production
Lebanon-based pharmaceutical manufacturer, Algorithm, has received a Package Deal Contract from the Investment Development Authority for Lebanon (IDAL).
The firm, which specializes in the manufacturing of generic medicines, plans to expand its industrial facility.
According to IDAL, the cost of the expansion project is around $12 million. The project is expected to generate a further 100 jobs on top of the 260 already existing.
Algorithm hopes to double its production with the construction of its new facility.
The chairman of Algorithm, Salim Ghorayeb, said that once the new production plant begins its operations, Algorithm is expected to export up to ten percent of Lebanon’s annual imports of medicines and medicinal products. Ghorayeb said that the new factory will start operating within three to four years.
Algorithm S.A.L was established in 1961. The firm is located in Zouk Mosbeh. The new production unit will be based in Zikrit, Keserwan.
The package deal is a contract between the government and the investor, through which investment projects are granted a package of incentives.
Upon the contract, Algorithm will benefit from an exemption on land registration fees. The project will also be exempt from income tax and taxes on dividends for ten years. It will benefit from a reduction on construction permits and on residence permit fees for foreign workers. Algorithm will be fully exempt from property insurance taxes.
Date Posted: Mar 15, 2012