Sanofi-aventis and Emaar the Economic City signed an agreement to build a new manufacturing facility in King Abdullah Economic City
29 June 2011
King Abdullah Economic City, Saudi Arabia, 29th June 2010
Sanofi-aventis, yesterday signed an agreement with Emaar, the Economic City (EEC), the Tadawul-listed company developing King Abdullah Economic City (KAEC), to establish their manufacturing facility at the Industrial Valley in KAEC in Saudi Arabia. The plant, which is to be built on a 35,000 square meter land, will initially produce oral antidiabetic and cardiovascular products.
The agreement was signed under the sponsorship of the Saudi Arabian General Investment Authority (SAGIA) which has played a key role in facilitating sanofi-aventis' decision to invest in the Saudi pharmaceutical sector and to establish itself within King Abdullah Economic City.
By signing the agreement, sanofi-aventis will be given a unique opportunity to develop its presence in the Kingdom by establishing itself as an independent business entity, facilitating its operations. Sanofi-aventis will be the first global pharmaceutical company to establish its industrial facility in King Abdullah Economic City (KAEC).
Sanofi-aventis selected King Abdullah Economic City for the construction of the new plant because of the great importance the Kingdom of Saudi Arabia represents, not only in the region but in the world economy. The announcement also reflects the efforts of the Kingdom to position itself among the top ten most competitive nations for investment by 2010.
"The agreement with Sanofi-aventis marks the opportunities that KAEC offers world-class manufacturers in strengthening their base in the Kingdom", said Mr. Fahd Al Rasheed, Managing Director and Chief Executive Officer of EEC. "We have given special attention to the pharmaceutical sector primarily because of the quality of jobs they create and the products they produce which contribute to the well being of Saudi citizens. The Industrial Valley at KAEC is characterized by applying world-class standards in master planning for industrial zones and provides all the necessary services for the establishment of manufacturing and logistic facilities."
Dr. Manar Al-Moneef, Director General of Health and Life Sciences at SAGIA and lead of this landmark occasion went on to state "SAGIA, with a view to support the Kingdom's transformation to a knowledge economy, is attracting global leaders to invest in novel industries in Saudi Arabia, leveraging the Kingdom's outstanding competitive advantages. Sanofi-aventis' move to undertake pharmaceutical manufacturing and related research activities in King Abdullah Economic City solidifies the city's position as a premier investment destination for knowledge industries, representing an ideal regional hub for partaking in the booming Middle East emerging market.
"We are delighted to continue to expand our activities in Saudi Arabia with the inception of a new entity located in King Abdullah Economic City which will further develop the pharmaceutical sector in the Kingdom", said Antoine Ortoli, sanofi-aventis Senior Vice President, Intercontinental region. "As a global healthcare leader, we are committed to work with all stakeholders focusing on patients needs. We are looking for all public and private partnerships across the Middle East that will open doors to new solutions for better health outcomes and strengthen our leadership position in those fast growing Markets." He added, "I am proud to represent the industrial community in sanofi-aventis entrepreneurial strategy" said Jean-Marc Georges, Vice-President Pharma Intercontinental Industrial Affairs. "We are happy to launch this plant construction which will supply products that are not only innovative, but also more affordable for patients", he added.
Source: Kingabdullah Economic City