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Chinese, Brazilian Investments Worth $133M in Various Saudi Sectors

Chinese, Brazilian Investments Worth $133M in Various Saudi Sectors

Sunday, 3 November, 2019 - 12:30
Saudi Authority for Industrial Cities and Technology Zones (MODON) works on attracting quality international investments to Saudi Arabia (Asharq Al-Awsat)

Saudi Authority for Industrial Cities and Technology Zones (MODON) announced Saturday signing $133 million-worth two memorandums of understandings (MoUs) with two global companies.

The first is Brazilian and operates in the pharmaceutical manufacturing industry, and the other is Chinese and operates in the field of mining treatments.

According to a statement issued by MODON, it signed an MoU with Brazil’s Eurofarma company - one of the leading pharmaceutical manufacturers in the country - to manufacture pharmaceutical products.

The second agreement was signed with the Chinese, “SKAI Group,” which is specialized in treating rocks and specific metals.

MODON's Director-General Engineer Khalid Al-Salem said these investments are part of the continuous quest to attract value-added global investments within the framework of the strategy of empowering industry, contributing to increasing local content and creating sustainable job opportunities for citizens.

He pointed out that the authority is working to provide and develop innovative products and services in partnership with government and official parties to activate the private sector’s role in industrial development in the Kingdom.

Signing the two MoUs took place on the sidelines of the Future Investment Initiative 2019 Conference, which was organized by the Public Investment Fund and was recently concluded in the Saudi capital, Riyadh, Salem explained.

Eurofarma plans to invest SAR412 million on a 50,000 square meters area to manufacture its widely-known pharmaceutical products in more than 20 world countries, he noted.

While SKAI Group, he added, plans to invest up to SAR90 million to establish an industrial project on a 100,000 square meters area in the third industrial city of Dammam.

The project aims to export more than one million square meters of processed products, and it will be implemented over two phases, each with an area of 50,000 square meters. The first phase will end in early 2020 and the second during the year 2022.

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