KAEC, Multi-Apex Pharma ink deal for pharmaceuticals plant in Industrial Valley

King Abdullah Economic City (KAEC) signed an agreement with Multi-Apex Pharma (MAP) to set up a new pharmaceuticals plant in the city’s Industrial Valley, KAEC said in statement.

The value of the new facility, to be established on a total area of 49,900 square meters, was not disclosed.

“We give a special focus to the pharmaceutical sector, given its contribution to improve citizens’ health and the potential job opportunities it provides for nationals, said Ayman Mansi, chief executive officer of the Industrial Valley.

Localization of the pharmaceutical industry is a strategic priority to achieve the Kingdom’s pharmaceutical security, Mansi said, estimating the Kingdom’s consumption of medicines at over SAR 15 billion annually.

The domestic industry, however, covers almost 20 percent of the local market demand, he added.