New partnership would help create more jobs for Saudis in the Kingdom’s pharmaceuticals sector
The partnership is in keeping with Saudi vision to diversify its economy away from oil
Saudi Chemical Company Holding (SCCH) and GlaxoSmithKline have entered into a partnership to make pharmaceutical products in Saudi Arabia. SCCH unit AJA Pharmaceutical Industries have teamed up with GlaxoSmithKline Consumer Healthcare Saudi in a five-year production deal worth SR100 million ($27 million), the company said in a Saudi stock exchange filing on Thursday.
Quoting SCCH Chief Executive Officer, Arab News reported that the new partnership would help create more jobs for Saudis in the Kingdom’s pharmaceuticals sector. “Our mission is to be the partner of choice,” said SCCH CEO Thamer Al-Muhid.
Saudi Arabia aims to diversify its economy away from oil by adding more high value jobs at home and replacing imports with domestic manufacturing in key sectors such as pharmaceuticals.