Saudi Arabia has partnered with Novartis, the Swiss pharmaceutical company, to ramp up the kingdom’s bio pharmaceutical capacity.
Novartis’ contribution to the kingdom’s gross domestic product is expected to reach $857 million by 2024.
Both the parties, according to the agreement, will work to expand local investment activities in areas of cell and gene therapy, transfer of technologies and clinical research development, according to a statement.
The parties aim to build local talent and capabilities as they aspire to reach 75 percent Saudization.
“As the Kingdom continues to diversify its economy through Vision 2030, our National Investment Strategy has made the Kingdom a stable and competitive destination, as doing business has become quicker, easier, and less costly than ever before, because of policy and regulatory reforms,” said Investment Minister Khalid Al-Falih.
