Pfizer inks deal for Saudi manufacturing plant

Global pharmaceutical giant Pfizer said on Wednesday it had signed an agreement for a new manufacturing plant in King Abdullah Economic City (KAEC) in Saudi Arabia. It said the deal with Saudi Arabian General Investment Authority (SAGIA) demonstrated Pfizer\'s \"commitment to supporting the development of Saudi\'s pharmaceutical industry and to improving patient access to its medicines in Saudi Arabia\". The project will incorporate medicine manufacturing and packaging technologies within one complex, Pfizer said in a statement, adding that it will ensure local production of Pfizer\'s medicines for the local market. \"This project underlines the tireless efforts of the Saudi Government represented by SAGIA in attracting and facilitating world-class inward investment in the healthcare arena,\" said Mohanad Hilal, secretary general of Economic Cities Authority. \"It highlights the tangible steps that have been made by Saudi Arabia toward diversification into non-oil based industries and resources. With the foundations laid for such prominent partnership ventures, Saudi Arabia is sending a very strong and positive message to the world - that we are well positioned to host world-class industry leaders, suppliers and manufactures.\" As a result of the new manufacturing base, Saudi patients are expected to benefit from improved access to Pfizer\'s medicines although no date was given for when the new facility will be up and running. \"This project demonstrates the confidence we have in the Saudi Arabian business environment and the high level of opportunity we see here as a growth market,\" added Bulent Atlig, vice president, Pfizer Global Supply. \"Our decision to establish a new manufacturing presence in Saudi Arabia is based on its attractive business environment and the healthcare industry potential. We intend that the proposed plant will serve the growing needs of the Kingdom now and in the future.\" Based at KAEC on the west coast of the Red Sea, north of Jeddah, the Pfizer project will benefit from the competitive advantages offered by the Saudi Government, aimed at attracting more investors and promoting KAEC as a business and industry centre of excellence.