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CHAMPION OF THE DAY
Company obtains incentives from IDAL
The Investment Development Authority (IDAL) approved offering an incentive package to Pharmaline, a manufacturer of pharmaceutical products and member of Malia Group.
The company will apply these incentives, in the amount of $13 million, for the new factory it will build in Nahr Ibrahim.
The new facility spans an area of 6,000 square meters, in addition to 2,000 m² of unoccupied space to be used for new production lines. Carole Abi Karam, General Manager, said the expansion serves Pharmaline’s strategy to add new lines of operation and double its production capacity.
“Our strategy targets the local market, where we will continue to invest in order to further develop and consolidate our presence here,” said Abi Karam.
However, exporting is a must to develop further and achieve a higher return on investment, according to Abi Karam: “Exports represent around 20 percent of our turnover. We are determined to substantially increase this percentage in the coming years.”
The new factory will offer jobs to 150 workers, with opportunities targeting professionals and highly skilled individuals. “We look forward to helping reverse the brain drain at home and offer opportunities within our export markets,” she said.
Pharmaline was founded in 1987, manufacturing and marketing its products under the same name. It is also licensed to manufacture a wide range of products for several multinational companies. The Pharmaline brand is currently present in the Levant, the GCC and Africa and has begun tapping European markets.
Reported by Rania Ghanem
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Oct 24, 2014
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