In a significant development, the Saudi Authority for Industrial Cities and Technology Zones (MODON) has recently inked a noteworthy investment agreement worth SAR500 million with the esteemed Vaccine Industrial Company (Vaccine). The primary objective of this agreement is to establish a state-of-the-art joint venture factory in Sadeer City. This strategic move aims to bolster the pharmaceutical security system within the Kingdom while also promoting the localization of vaccine and vital medicine manufacturing.
In a move that aligns with MODON's strategic vision, an agreement has been reached to establish an integrated industrial and investment community. The aim is to attract both domestic and foreign investors while also bolstering efforts to ensure the sustainability of the industrial sector. Additionally, this initiative seeks to boost the pharmaceutical sector's contribution to the country's GDP and increase its share of exports. These efforts are in line with the national industry strategy, which aims to position the Kingdom as an appealing destination for high-quality investments.
In a move that is set to boost the Saudi pharmaceutical industry, a new plant spanning an impressive 42,000 square meters is poised to make its mark. With an eye on the global market, this state-of-the-art facility is expected to generate approximately 150 job opportunities. What is its primary objective? To meet the soaring demand for vaccines, including those for the seasonal flu virus, COVID-19, chickenpox, and rotavirus. Additionally, the plant aims to export pneumococcal and meningitis vaccines, tapping into the robust appetite for Saudi pharmaceutical exports in the Gulf and neighboring nations.
