Cairo – Mubasher: The board of directors of Speed Medical Company approved a memorandum of understanding (MoU) between Speed Medical, its subsidiaries, and sister companies and the Saudi Elaj Medical Group to complement their operations inside and outside Egypt.

Under the MoU, a reference lab will be established in Egypt according to the highest international levels with the expertise of Global Diagnostics Network (GDN), represented by Elaj Medical Group in the Middle East, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Speed Medical, its subsidiaries, and sister companies will contribute 25% to the establishment of the lab.

 Elaj Group will provide its scientific and administrative expertise, while Speed Medical will take on the marketing and contractual role.

Moreover, a joint company will be established to invest in medical laboratories in Libya, Algeria, Morocco, and Tunisia. The shareholding ratios will be agreed upon within a few weeks.

Saudi Medical Laboratories Al-Borg will provide its technical expertise and its trademark, whereas Speed Medical, its subsidiaries, and sister companies will be responsible for the marketing, contractual, and logistical aspects.

Speed Medical will jointly market some of Elaj Group’s establishments in exchange for a percentage of sales to be agreed upon separately with each different unit.

In addition, technical support will provided by Al-Borg Laboratories in Sudan to the Speed Laboratories branch located in Khartoum.

The board also approved the establishment of several medical centers and clinics in Egypt to serve different levels of patients in partnership with Elaj Medical Group, which will contribute to managing Speed Hospitals in all its current and future units.