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Al-Khorayef: Saudi Arabia Seeking to Localize Large Range of Pharmaceutical Industries

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef speaks at the Global Health Forum. (Asharq Al-Awsat)
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef speaks at the Global Health Forum. (Asharq Al-Awsat)
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Al-Khorayef: Saudi Arabia Seeking to Localize Large Range of Pharmaceutical Industries

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef speaks at the Global Health Forum. (Asharq Al-Awsat)
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef speaks at the Global Health Forum. (Asharq Al-Awsat)

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef revealed that around 8,000 types of medicines are consumed in the Kingdom, highlighting that the country has identified a set of priorities, focusing on approximately 172 medicines and localizing the production of around 42 of them.

During a panel discussion on the first day of the 7th edition of the Global Health Forum, held in Riyadh on Monday, Al-Khorayef stated that Saudi Arabia offers significant facilitation for industrialization and localization, with a clear framework for enablers and incentives to encourage investors and stakeholders to enter the healthcare sector.

The ministry is collaborating with various sectors to develop industries in the Kingdom, with the goal of positioning the country as a global hub for vaccine manufacturing, he noted.

The minister pointed to “ongoing discussion about identifying global vaccine manufacturing locations, and we aim for Saudi Arabia to be one of these key areas.”

Al-Khorayef explained that the Vaccine and Biological Medicines Industry Committee has already become the central body managing investment attraction and localizing this industry. This provides global partners with a clear understanding of the Kingdom’s requirements and the market opportunities, offering them a clear point of reference for localizing the sector.

He further emphasized that Saudi Arabia has developed local content tools to facilitate technology transfer, ensuring that companies entering the local market will be successful and sustainable.

Al-Khorayef highlighted the growth in medical device manufacturing plants in the Kingdom, which increased from 54 to 150, while pharmaceutical factories grew from 42 to 56.

He also pointed out that advanced technologies, such as 3D printing, align well with the Saudi market. These technologies offer exceptional solutions to assist doctors and healthcare providers and have already reached advanced stages in their use for certain surgeries.

Additionally, the Kingdom is building a broad industrial base, a significant part of which will support the medical device sector, including industries such as metals, advanced petrochemicals, and chemical pharmaceuticals.

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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Riyadh is set to launch the eighth edition of the Future Investment Initiative (FII) conference on Monday.
This year’s event carries the theme, “Infinite Horizons... Investing Today, Shaping Tomorrow” and will feature prominent figures in finance, investment, and technology.
Through its annual conference, often called the “Davos of the Desert,” the Future Investment Initiative aims to foster discussions on how investment can drive a prosperous and sustainable future, expanding the possibilities for humanity.
The conference is expected to attract over 7,000 guests and 500 speakers, covering a wide range of current topics across more than 200 sessions. Key areas of focus include economic stability, equitable development, climate change, artificial intelligence, innovation, health, and geopolitical issues.
Among those looking to leverage projects aligned with Saudi Arabia’s Vision 2030 are David Solomon of Goldman Sachs, Jane Fraser of Citigroup, and Larry Fink of BlackRock, which recently agreed to establish a multi-asset investment platform in Riyadh, backed by a $5 billion investment from Saudi Arabia’s sovereign wealth fund. This year, the conference will also host the New Africa Summit, featuring speakers from Africa’s mining and banking sectors.
Reflecting Saudi Arabia’s emphasis on technology and artificial intelligence, industry leaders in these fields will participate in the event. Notably, Alphabet President Ruth Porat, TikTok CEO Shou Zi Chew, and tech entrepreneur Benjamin Horowitz, co-founder of the venture capital firm Andreessen Horowitz, are scheduled to speak for the first time.
According to Richard Attias, CEO of the Future Investment Initiative, executives worldwide are expected to announce deals exceeding $28 billion. Some of these initiatives will focus on artificial intelligence, including a new potential fund with Andreessen Horowitz that could grow to $40 billion, as reported by Bloomberg.
The Kingdom is also expected to announce a new company that will invest at least $10 billion in making Saudi Arabia the world’s largest producer of hydrogen—a low-carbon fuel critical for the global transition away from fossil fuels. Key speakers from Asia will include Hong Kong’s Financial Secretary Paul Chan and Belt and Road Commissioner Nicholas Ho.
On the eve of the event, Swiss entrepreneur and FII participant Stephan Knuser told Asharq Al-Awsat that the conference will provide significant business insights for both local and international communities, anticipating that new partnerships will form between Swiss and Saudi companies in energy-efficient technologies and food security.
Neil Bush, Chairman of Sky Towers, remarked: “We view FII as not only a driver for attracting capital but also for bringing in technologies that accelerate Saudi Arabia’s goals.” According to Bush, the FII topics align with needs like business registration processes, free trade zone policies, and strategies for developing industrial complexes, which will help accelerate Vision 2030 goals, including carbon reduction.