Saudi Arabia has announced it will build a $133m vaccine-manufacturing facility.
Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed an SR500m ($133m) investment agreement with the Vaccine Industrial Company (Vaccine) to set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system and localise the manufacturing of vaccines and vital medicines in the Kingdom.
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.
It also aims to increase the pharmaceutical sector’s share of GDP and raise 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 42,000sq m plant will create around 150 new jobs and aims to achieve 20 per cent export of seasonal flu virus, 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.