Riyadh, Saudi Arabia – Saudi Authority for Industrial Cities and Technology Zones (MODON) signed a SAR500 million ($133.3m) investment agreement with the Vaccine Industrial Company (Vaccine).
The agreement says both will set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system and localize the manufacturing of vaccines and vital medicines in Saudi Arabia.
It is in line with MODON’s strategy to create an integrated industrial and investment community to attract national and foreign investor partners.
This includes reinforcing its initiatives and efforts to enhance the sustainability of the industrial sector, in addition to increasing the pharmaceutical sector’s share of GDP and raising the percentage of its exports.
This is as per the objectives of the national industry strategy to make Saudi an attractive hub for quality investments.
The 42,000 square meter plant will create around 150 new jobs and aims to achieve 20% export of seasonal flu virus, COVID-19, chickenpox, and rotavirus vaccines.
This also includes pneumococcal and meningitis vaccines, given the strong demand for Saudi pharmaceutical exports in the Gulf and regional countries.