Medytox Plans to Build Toxin Factory in UAE

Korea's First Overseas Toxin Production Base Secured

On the 16th (local time), at the Korea-UAE Business Forum held at the Rixos Marina Hotel in Abu Dhabi, UAE, Marwan Abdulaziz Janahi, CEO of Dubai Science Park, and Jung Hyun-ho, CEO of Medytox (from left), signed an MOU for the construction of a toxin finished product factory.
[Photo by Medytox]

[Asia Economy Reporter Chunhee Lee] On the 16th (local time), Medytox announced on the 17th that it signed a Memorandum of Understanding (MOU) with Dubai Science Park, owned by Dubai state-owned company Tecom Group, regarding the construction of a finished toxin product factory at the Korea-UAE Business Forum held at the Rixos Marina Hotel in Abu Dhabi, United Arab Emirates (UAE). This agreement was made possible as Medytox participated in the economic delegation accompanying President Yoon Suk-yeol's visit to the UAE, which has been ongoing since the 14th.

With this MOU, Medytox plans to establish a production facility in Dubai based on the non-animal liquid toxin formulation ‘MT10109L’. Additionally, by obtaining halal certification, it aims to target the global Muslim market as well as the Middle Eastern and European markets. The UAE also succeeded in attracting a biopharmaceutical production plant, which is one of the key projects promoted in preparation for the post-oil era.

Medytox has long been reviewing the establishment of local production facilities with several overseas companies to actively and efficiently respond to the rapidly growing global toxin market. Through this, Dubai, which offers excellent infrastructure and is advantageous for entry into the Middle Eastern and European markets, was chosen as the final site for construction. Since no domestic toxin manufacturers have yet established production bases overseas, if this production facility is successfully completed, Medytox will become the first domestic company to own an overseas toxin production facility. Medytox has begun detailed discussions on future implementation plans based on this MOU and plans to sign a formal contract once discussions are finalized.

Jung Hyun-ho, CEO of Medytox, said, “Securing local production facilities is essential to becoming a global bio company,” adding, “The toxin finished product factory in Dubai, which has obtained halal certification, will serve as a foothold for Medytox’s toxin formulations to enter the global market.” He also expressed pride in participating in President Yoon Suk-yeol’s overseas economic delegation and creating a model cooperation case, stating, “As an industry-leading company, we will take responsibility and contribute to national interests.”

Marwan Abdulaziz Janahi, CEO of Dubai Science Park, said, “Dubai Science Park is committed to creating an excellent ecosystem necessary for companies to conduct successful business,” and added, “We welcome Medytox joining our science-focused business community.”

This content was produced with the assistance of AI translation services.