Emaar the Economic City (EEC) has signed an agreement with pharmaceutical company Sanofi-aventis, for the company to build a manufacturing facility at the King Abdulla Economic City (KAEC) in KSA.
The Tadawul-listed company, and developers of KAEC, signed the agreement with the global firm under sponsorship from the Saudi General Investment Authority (SGIA), which is keen to develop the pharmaceutical industry in the Kingdom.
The plant, which will be built on 3.5 hectares of land in the Industrial Valley of KAEC, will produce anti-diabetic and cardiovascular products initially, and give Sanofi-aventis a unique opportunity to establish itself in Saudi Arabia.
EEC’s managing director and chief executive officer Fahd Al Rasheed, said: “The agreement with Sanofi-aventis marks the opportunities that KAEC offers world-class manufacturers in strengthening their base in the Kingdom.
“We have given special attention to the pharmaceutical sector primarily because of the quality of jobs they create and the products they produce which contribute to the well being of Saudi citizens.
“The Industrial Valley at KAEC is characterised by applying world-class standards in master planning for industrial zones and provides all the necessary services for the establishment of manufacturing and logistic facilities.”
One of six components of KAEC, the Industrial Valley sprawls over an area of 6,300 hectares with 4,400 hectares of land dedicated to industrial, plastics conversion industries and light manufacturing facilities.
It is recognised for its distinctive facilities and spaces, which allow it to host large projects and meets the requirements of manufactures and other companies.
Phase 2 of the Valley is currently being developed by Singapore’s Jurong International, whilst KAEC has already started handing over property to investors in Phase 1.
KAEC’s Executive Director of Industrial and City Management, Ahmed Linjawi said: “We have seen a growing demand for industrial plots within Phase 1 of the Industrial Valley, thus we are kicking off the master planning work for Phase 2, which will span two million square metres [2,000 hectares].”
As the first global pharmaceutical company to establish its industrial facility in King Abdullah Economic City (KAEC), Sanofi-aventis are looking forward to some profound new business opportunities.
Senior Vice President of the intercontinental region Antoine Ortoli said: “We are delighted to continue to expand our activities in Saudi Arabia with the inception of a new entity located in King Abdullah Economic City which will further develop the pharmaceutical sector in the Kingdom.”
He added: “As a global healthcare leader, we are committed to work with all stakeholders focusing on patients needs. We are looking for all public and private partnerships across the Middle East that will open doors to new solutions for better health outcomes and strengthen our leadership position in those fast growing markets.”
Source: Construction Week Online