- SAR500m facility in Sudair City
- To produce vaccines and medicines
- Pharma worth $19.8bn by 2032
Saudi Arabia is planning to invest SAR500 million ($133 million) in a factory to boost local vaccine and medicine manufacturing capacity as the kingdom seeks to become a regional centre for biotechnology.
Saudi Authority for Industrial Cities and Technology Zones, also known as Modon, has signed an investment agreement with the Vaccine Industrial Company to set up a joint venture factory in Sudair City.
Modon said the project aims to strengthen the pharmaceutical security system and localise the manufacturing of vaccines in the kingdom.
The 42,000 square metre plant will create around 150 new jobs and aims to boost exports of vaccines such as those for the seasonal flu virus, Covid-19, chickenpox, pneumococcal and meningitis.