Saudi Arabia wants to localize its pharmaceutical industries in anticipation of any future changes at the level of supply chains.
Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef announced that localization is now the government’s top priority given the importance of drug security.
Khorayef stressed that all parts of the industrial system complement their roles in providing the necessary infrastructure, financing and logistical support.
The minister visited Monday al-Madina al-Munawwara Industrial City where he inspected services and progress in various projects.
He indicated that localization and providing a suitable job environment for Saudis is equally important as localizing the pharmaceutical industry itself.
He added that industry has a great opportunity to generate qualitative jobs in various regions of the Kingdom, stressing that localization should provide qualitative jobs.
The minister visited Razi al-Madinah Pharmaceuticals, which was recently inaugurated by Madinah Governor Prince Faisal bin Salman bin Abdulaziz, as the first pharmaceutical factory in the region, covering an area of 13,800 square meters.
The company produces various medicines, creams and cosmetics, and aims to export all products to the Middle East, Asia and Europe.
Khorayef also toured Maaden for industrial minerals, which produces Magnesium Carbonate, Magnesite, and Caustic Calcined Magnesia, and exports its products to Gulf countries, Asia, Europe, the United States, Egypt, Tunisia and South Africa.
Director-General of the Saudi Authority for Industrial Cities and Technology Zones (MODON), Khalid al-Salem, underscored the state’s keenness on industrial development.
He said the Minister of Industry is communicating with investors and supervising the development stages of various projects in all industrial cities.
MODON wants to create an integrated environment to attract and localize national and international investments through its strategy to empower the industry, increase local content and enhance the factories’ ability to achieve the highest levels of productivity in line with Vision 2030.
Al-Madina al-Munawwara Industrial City was established in 2003 over an area of 17 million square meters. It hosts over 334 factories, with a total capital of $30.1 billion.
It boasts diverse industries such as computers, electronics, machinery and equipment, leather, pharmaceutical, food, rubber and plastic products and chemicals, motor vehicles, and textiles.
The Industrial City is located in a geographical area rich in various natural resources including gold, nickel, copper, and other mineral ores. Investment in the mining sector in the region has reached $1.6 billion.