CAIRO, Dec. 16 (Xinhua) -- Egypt on Tuesday broke ground on a major vaccines and biological pharmaceuticals plant in the Sokhna Industrial Zone, with total investments amounting to 150 million U.S. dollars, the Suez Canal Economic Zone (SCZone) said in a statement.

The GENNVAX vaccines and biological pharmaceuticals project will be established on an area of 50,000 square meters and is to be the largest fully integrated facility in Egypt for vaccine manufacturing, covering the production of 29 vaccines and serums, according to the statement.

SCZone Chairman Waleid Gamal El-Dein said that "the project aligns with SCZone's industrial localization plan, which aims to reduce reliance on imports and localize priority industries, particularly in the healthcare and pharmaceutical sectors."

GENNVAX is an Egyptian biopharmaceutical company and a subsidiary of El Daba Holding, whose operations cover Egypt and other international markets.

The company said the facility is expected to generate between 500 and 700 jobs and reach an annual production capacity of up to 270 million doses.

According to Nibal Dahaba, shareholder and managing director of GENNVAX, the company will handle the full manufacturing process for 29 vaccines, including upstream and downstream production stages under technology transfer agreements. GENNVAX's initial annual capacity of 270 million doses exceeds Egypt's domestic consumption of 70-80 million doses, leaving room for exports of around 200 million doses. ■