After Sinovac, Egypt seeks to produce Moderna vaccine locally

Egypt intends to produce more than 1 billion doses annually of the Sinovac vaccine. (Reuters/File Photo)
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Updated 11 September 2021
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After Sinovac, Egypt seeks to produce Moderna vaccine locally

  • Representatives of Moderna confirmed the company’s readiness to supply new batches of their vaccine to Egypt

CAIRO: After the successful local production of the Chinese vaccine for coronavirus, Sinovac, Egyptian authorities are in talks with Moderna, the US pharmaceutical company to manufacture the vaccine in Egypt.

Khaled Mujahid, assistant minister of health and population and the official spokesman for the ministry, said a meeting was held between the Egyptian officials and Moderna to ensure its supply to the country to effec- tively fight the pandemic using different vaccines.

He said the meeting also discussed ways to manufacture Moderna vaccines in Egypt.

Mujahid said the Egyptian health minister wants to allocate a production line in the factories of the Vacsera Co. to manufacture Moderna vaccine locally.

Representatives of Moderna confirmed the company’s readiness to supply new batches of their vaccine to Egypt as well as providing the Egyptian authorities with updates on the development plan regarding the production of the Moderna vaccine.

Egypt intends to produce more than 1 billion doses annually of the Sinovac vaccine, according to Health Minister Hala Zayed, who added that Egypt would thus be “the largest producer of vaccines in Africa and the Middle East.”

Zayed said that under an agree- ment with the Chinese company that produces the Sinovac vaccine, two factories in Cairo will take over production. She pointed out that more than 200 million doses annually will be produced in one of the factories, which will cover local needs.

She added that 3 million doses per day, or about 1 billion doses annually will be produced in the second factory, which will allow export to African countries.


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.