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FINANCIAL NEWS
Sanofi-Aventis to build manufacturing facility in Saudi Arabia
30 Jun 2010
(MENAFN) Sanofi-Aventis signed an agreement with Emaar, the Economic City (EEC), the company developing King Abdullah Economic City (KAEC), to establish a manufacturing facility at the Industrial Valley in KAEC, Reuters reported.
The plant, which will be built on a 35,000 square meter land, will initially produce oral antidiabetic and cardiovascular products.
The agreement was signed under the sponsorship of the Saudi Arabian General Investment Authority (SAGIA) which has played a key role in facilitating sanofi-aventis? decision to invest in the Saudi pharmaceutical sector and to establish itself within King Abdullah Economic City.
By signing the agreement, Sanofi-Aventis will be given an opportunity to develop its presence in the Kingdom by establishing itself as an independent business entity, facilitating its operations. Sanofi-aventis will be the first global pharmaceutical company to establish its industrial facility in KAEC.
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