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Saudi Arabia Seeking to Localize New Medical Industries

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef and other officials at the signing ceremony for the localization of pharmaceutical industries. (Asharq Al-Awsat)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef and other officials at the signing ceremony for the localization of pharmaceutical industries. (Asharq Al-Awsat)
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Saudi Arabia Seeking to Localize New Medical Industries

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef and other officials at the signing ceremony for the localization of pharmaceutical industries. (Asharq Al-Awsat)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef and other officials at the signing ceremony for the localization of pharmaceutical industries. (Asharq Al-Awsat)

Saudi Arabia is seeking to localize some pharmaceutical industries and medical supplies, and transfer knowledge to the local market.

To that end, the Local Content and Government Procurement Authority (LCGPA) concluded on Thursday seven agreements with national companies to reach these goals, while providing certain incentives upon localization, such as inclusion in the mandatory list of national products.

The LCGPA concluded four agreements with Tabuk Pharmaceuticals and three others with the Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO). They targeted a number of pharmaceutical products such as direct inhibitors of thrombin, antibiotics, treatment of muscle contraction, anticoagulants, and immune-suppressants, among others.

The agreements were signed in the presence of Minister of Industry and Mineral Resources and LCGPA Chairman of the Board of Directors Bandar bin Ibrahim AlKhorayef.

LCGPA CEO Abdulrahman bin Abdullah Al-Samari noted that the new agreements highlighted the sustainable partnership between the public and private sectors to develop the local content.

He added that the localization of these products would contribute to around 500 million riyals cumulatively over the next 10 years, and with direct investments of up to 145 million riyals, aimed at covering 111 million riyals of government demand annually.

They will also boost local supply chains and respond to government demands, thus contributing to achieving the targets of Saudi Vision 2030.

Al-Samari stated that the authority worked continuously with the relevant authorities with the aim of identifying targeted products that contribute to boosting medicine and health security, improving the trade balance by reducing imports and developing Saudi exports, and transferring new technologies to the Kingdom.

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BRICS Leaders Call for Urgent Action on Land Degradation Ahead of UNCCD COP16 in Riyadh

BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)
BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)
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BRICS Leaders Call for Urgent Action on Land Degradation Ahead of UNCCD COP16 in Riyadh

BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)
BRICS leaders call for increased financial resources and stronger partnerships to address land degradation, desertification, and drought. (SPA)

BRICS leaders called for increased financial resources and stronger partnerships to address land degradation, desertification, and drought ahead of a major UN environment conference in Saudi Arabia in December.

In a joint statement, the leaders of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates emphasized that these environmental challenges "are posing serious threats to the well-being and livelihoods of people and the environment."

While acknowledging ongoing efforts in sustainable land management, they stressed the need for "integrated policies" to tackle these interconnected issues.

The statement comes as Saudi Arabia prepares to host the 16th session of the United Nations Convention to Combat Desertification (UNCCD COP16) in Riyadh from December 2 to 13, amid growing global concern over land degradation that already affects 40% of the planet and impacts 3.2 billion people, according to UNCCD data.

"Saudi Arabia welcomes the BRICS leaders' statement on the critical issue of land degradation as it reflects the increasing urgency to slow and ultimately reverse the trend of degrading land worldwide," said Dr. Osama Faqeeha, deputy minister for environment at Saudi Arabia's Ministry of Environment, Water and Agriculture and advisor to the COP16 Presidency.

He added: "At COP16 in Riyadh, we will work to forge new partnerships that can accelerate land restoration and drought resilience efforts, particularly in vulnerable regions. Land degradation, drought, and desertification impact almost every corner of the planet, exacerbating forced migration and worsening global food and water insecurity. It is imperative that the international community addresses the root causes of these issues at the UNCCD COP16 in Riyadh."

The conference is expected to be the largest UNCCD COP to date and will feature the first-ever Green Zone, creating a dedicated platform for collaboration and innovation, aiming to increase the role of the private sector in land restoration.

It comes as the UNCCD targets the restoration of 1.5 billion hectares of degraded land by 2030. According to the UNCCD, every dollar invested in land restoration can yield up to $30 in economic returns.