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Saudi Arabia: MODON Signs SAR500 Million Contract to Establish Vaccine Industrial Company

Saudi Authority for Industrial Cities and Technology Zones (MODON)
Saudi Authority for Industrial Cities and Technology Zones (MODON)
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Saudi Arabia: MODON Signs SAR500 Million Contract to Establish Vaccine Industrial Company

Saudi Authority for Industrial Cities and Technology Zones (MODON)
Saudi Authority for Industrial Cities and Technology Zones (MODON)

Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed a SAR500 million investment agreement with the Vaccine Industrial Company (Vaccine) to 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 the Kingdom.
This agreement comes in line with MODON's strategy to create an integrated industrial and investment community to attract national and foreign investor partners and to reinforce 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, in line with the objectives of the national industry strategy to make the Kingdom 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, in addition to pneumococcal and meningitis vaccines, given the strong demand for Saudi pharmaceutical exports in the Gulf and regional countries.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.