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Saudi Modon, Egypt's Pharco to Establish Integrated Pharmaceutical Complex

Saudi Modon, Egypt's Pharco to Establish Integrated Pharmaceutical Complex

Friday, 24 May, 2019 - 09:45
Robotic arm holding test tube in the laboratory. Image used for illustrative purpose. - Getty Images
Asharq Al-Awsat

The Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed with Egypt's Pharco Pharmaceuticals, one of the dominant players in the pharmaceutical industry - an industrial land lease covering more than 62 thousand square meters in the city of Madinah.

The agreement was made to build a pharmaceutical complex including research and development centers, with a total investment reaching SR 570 million.

MODON’s Director General Engineer Khalid bin Mohammed Al-Salem said that the signing of the contract was the result of joint work with the National Program for the Development of Industrial Compounds.

MODON provided various facilities and incentives to support the investment, with the project set to provide nearly 1000 jobs for both genders with a localization rate exceeding 50 percent.

Salem noted that the project is in line with the goals of the National Industrial and Logistics Development Program (NIDLP) to localize the most advanced industries in the world, in accordance with Saudi Vision 2030 for economic diversification.

Since its inception in 2001, MODON has been developing integrated industrial lands in accordance with the highest international standards.

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