Saudi Arabia’s Public Investment Fund has announced the establishment of the Badael Company, which aims to reduce the prevalence of smoking and promote a healthier lifestyle in the Kingdom.
The initiative has been launched in the run-up to the World Health Organization (WHO) World No Tobacco Day on May 31, PIF said in a statement released Thursday.
According to PIF, the initiative is in line with Saudi Arabia’s focus on improving the quality of life for its citizens as part of Saudi Vision 2030.
“The company’s products are expected to help nearly one million people switch from smoking by 2032, representing approximately 25% of all smokers in Saudi Arabia,” said the statement.
This has the potential to deliver direct annual savings of more than SAR6 billion ($1.6 billion) on healthcare expenditure by 2032.
“Badael will also aim to deliver on PIF’s localization mandate by supporting domestic manufacturing, sourcing raw materials, knowledge transfer and development of intellectual property (IP).”
“Badael intends to make its tobacco-free nicotine delivery products available across Saudi Arabia by the end of 2023, with the aim of expanding its reach to regional and international markets in the longer term,” the statement said.
It added that the company’s products will be manufactured in Saudi Arabia, ensuring the highest level of product quality and safety. This move will provide new jobs opportunities through a partnership with the local private sector and world-class global partners.
“Badael’s vision is to curb smoking and deliver on PIF’s strategy to improve the quality of life for all, and is part of Saudi Arabia’s broader efforts to diversify the economy, localize manufacturing and drive economic transformation as well as job creation,” the statement added.
