Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed a SAR500 million ($133.30 million) investment agreement with the Vaccine Industrial Company to set up a joint venture factory in Sadeer City.

 

The agreement aims to localise the manufacturing of vaccines and vital medicines in the kingdom, said a Saudi Press Agency report.

 

This agreement comes in line with Modon's strategy to create an integrated industrial and investment community to attract national and foreign investor partners and to reinforce its initiatives and efforts to enhance the sustainability of the industrial sector, in addition to increasing the pharmaceutical sector's share of GDP and raising the percentage of its exports, in line with the objectives of the national industry strategy to make the Kingdom an attractive hub for quality investments.

 

The 42,000 sq m plant will create around 150 new jobs and aims to achieve 20% export of seasonal flu, Covid -19, chickenpox, and rotavirus vaccines, in addition to pneumococcal and meningitis vaccines, given the strong demand for Saudi pharmaceutical exports in the Gulf and regional countries, the report said